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Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Crypto

Former President Trump Taps Crypto-Friendly Tycoon to Lead 2024 Transition Team

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a move that underscores the growing influence of the crypto industry in the political sphere, former president Donald Trump announced on Friday that he will appoint Howard Lutnick, the CEO of financial firm Cantor Fitzgerald, to lead his transition team should he be re-elected in 2024.

Crypto Ally To Lead Potential Transition

According to recent reports, Trump’s official transition will be led by two top donors to his campaign: Linda McMahon, who previously served as head of the Small Business Administration during Trump’s first term, and Howard Lutnick. 

Related Reading: Bitcoin ETF Boom: Bloomberg Uncovers Ownership By 1,950 Funds

According to the reports, Trump’s running mate, Senator JD Vance from Ohio, will serve as an honorary chair, as will his elder sons, Donald Trump Jr. and Eric Trump. Trump said in a statement.

The 2024 GOP Platform to Make America Great Again 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 strength, competence and common sense to the Oval Office. I have absolute confidence the Trump-Vance Administration will be ready to govern effectively on Day One. 

Cantor Fitzgerald’s Bitcoin Financing Move 

Lutnick, whose firm Cantor Fitzgerald has served as the custodian for Tether’s USDT stablecoin since late 2021, is considered a supporter of cryptocurrencies and has been making significant inroads into the digital asset space. 

Cantor Fitzgerald, a global financial services firm with a $13.2 billion valuation, recently unveiled plans to launch a specialized Bitcoin (BTC) financing business to provide leverage to investors holding the leading cryptocurrency.

Lutnick underscored the firm’s expertise in arranging and financing diverse securities and commodities, emphasizing their commitment to supporting BTC. The Chairman’s vision is centered on establishing a “cutting-edge platform” tailored to meet the financing needs of Bitcoin investors. Cantor’s CEO further stated:

Cantor Fitzgerald arranges and finances vast amounts of securities and commodities and, as strong supporters of Bitcoin, will now build an incredible platform to support Bitcoin investors’ financing needs. We are excited to help unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets.

Related Reading: Bitcoin Crash At Hand? This Key Metric Hints At A Potential Price Drop To $40,000

Additionally, Tether recently acquired a $100 million stake in Bitdeer Technologies Group, a US-listed Bitcoin mining company. The agreement between Tether and Bitdeer involved a private placement of shares, generating substantial proceeds under the facilitation of Cantor Fitzgerald. 

These developments underscore both the firm’s and Lutnick’s support for crypto, in line with former president Donald Trump’s previous comments on digital assets and the key role this technology could play under a new mandate, also promising to be the first “crypto president” for the US. 

Crypto
The 1D chart shows BTC’s price trending sideways. Source: BTCUSDT on TradingView.com

When writing, Bitcoin is trading at $58,530, down nearly 3% in the last 24 hours.

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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