In a move that underscores the growing influence of the crypto industry in the political sphere, former President Donald Trump Trump announced Friday that he will appoint Howard Lutnick, CEO of financial firm Cantor Fitzgerald, to lead his transition team if he is reelected in 2024.
Crypto Ally Leads Potential Transition
According to the latest news ReportsTrump’s formal transition will be led by two of his campaign’s biggest donors: Linda McMahon, who previously served as head of the Small Business Administration during Trump’s first term, and Howard Lutnick.
Trump’s running mate, Sen. J.D. Vance of Ohio, will reportedly serve as honorary chairman, as will his two eldest sons, Donald Trump Jr. and Eric Trump. “Trump will serve as chairman of the honorary committee, and will also serve as chairman of the honorary committee,” Trump said in a statement.
The Republican Party’s 2024 “Make America Great Again” platform is a forward-looking agenda that will deliver safety, prosperity, and freedom for the American people. My administration will deliver on these bold promises. We will restore power, competence, and common sense to the Oval Office. I have absolute confidence that the Trump-Vance Administration will be prepared to govern effectively on day one.
Bitcoin funding move by Cantor Fitzgerald
Lutnick, whose firm Cantor Fitzgerald has served as custodian of Tether’s USDT stablecoin since late 2021, is a cryptocurrency advocate who has made significant headway in the digital asset space.
Cantor Fitzgerald, a $13.2 billion global financial services firm, recently announced reveal plans Launching a dedicated Bitcoin (BTC) financing business with the aim of providing leverage to investors who own the leading cryptocurrency.
Lutnick emphasized the company’s expertise in arranging and financing various securities and commodities, stressing their commitment to support BitcoinThe chairman’s vision is to create a “cutting-edge platform” designed to meet the financing needs of Bitcoin investors. The Cantor CEO added:
Cantor Fitzgerald regulates and finances massive amounts of securities and commodities, and as a strong supporter of Bitcoin, will now build a great platform to support the financing needs of Bitcoin investors. We are excited to help unlock Bitcoin’s full potential and continue to bridge the gap between traditional finance and digital assets.
Additionally, Tether recently acquired $100 million stake in Bitdeer Technologies Group, a U.S.-listed Bitcoin mining company. The agreement between Tether and Bitdeer included a private placement of shares, generating significant proceeds under the facilitation of Cantor Fitzgerald.
These developments underscore the company’s and Lutnick’s support for cryptocurrencies, in line with former President Donald Trump’s stance. Previous comments On digital assets and the key role this technology could play under a new mandate, it also promised to be the first “Head of encryption“For the United States.”
At the time of writing, Bitcoin is trading at $58,530, down about 3% in the past 24 hours.
Featured image by DALL-E, chart by TradingView.com
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