The role of Howard Lutnick in the Donald Trump administration will extend beyond the transition team. According to a report from Punchbowl News, President-elect Trump will announce Lutnick as the next Commerce Secretary. As the CEO of Cantor Fitzgerald and major advocate for Tether, Howard Lutnick brings both crypto and TradFi experience to the Commerce department.
Howard Lutnick Profile For the Commerce Secretary Job
The glowing report from Punchbowl News and the Wall Street Journal has yet to be confirmed officially. However, Howard Lutnick fits the profile for the role. He is a long-term friend of President Trump, having hosted many fundraisers for the latter.
In previous reports, the assumption hinged on the consideration of the Cantor Fitzgerald CEO as the US Treasury Secretary. Though the competition for the Treasury Secretary role had many tough candidates like Scott Bessent, many believe Lutnick has the experience for the job.
BREAKING NEWS — TRUMP is expected to name HOWARD LUTNICK to be his Commerce secretary.
— Jake Sherman (@JakeSherman) November 19, 2024
If the speculations are confirmed, Lutnick’s job as the Commerce Secretary will involve representing American businesses in the President’s cabinet. Beyond this, his broader contribution will help in fueling economic growth and development. Lutnick has expressed support for the potential Department of Government Efficiency (D.O.G.E) on different occasions. DOGE is a new idea to fuel government efficiency, with Elon Musk leading the commission.
Howard Lutnick led Cantor Fitzgerald during the September 11 terrorist attacks. The New York financial giant operated from the World Trade Center during the attacks, and Lutnick even suffered a personal loss at the time. Many consider his thriving reign at Cantor Fitzgerald despite this ordeal as a litmus test for his fit for the role.
Benefits for the Crypto Ecosystem
Howard Lutnick ran a business that serves as custodian to Tether, the issuer of USDT, the industry’s largest stablecoin. The embrace of Tether, considered a controversial firm by regulators, has endeared many crypto advocates to the Cantor Fitzgerald CEO.
He is also a known advocate of Bitcoin (BTC). While making an appearance at the Bitcoin Conference 2024, Howard Lutnick said he dreams of a world where BTC will trade anywhere. His advocacy for the industry has made many consider him a proactive ally in the incoming Donald Trump cabinet.
With Lutnick’s potential role teased, the industry’s focus now lies on who President Trump will pick as US SEC and Treasury Department, respectively.
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