Close Menu
American FocusAmerican Focus
  • Home
  • Binance
  • Bitcoin
  • Business
  • CoinDesk
  • Crypto
  • ESG
  • Finance
  • Market
  • Stocks
  • Trading

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

How War Affects Markets: Trading During Global Conflicts

June 24, 2025

FBM KLCI rebounds from two-month low, energy stocks rise amid escalating Mideast tensions

June 23, 2025

Sahara Token Rockets 40389% on Binance Listing Announcement

June 23, 2025
Facebook X (Twitter) Instagram
  • Home
  • About Us
  • Advertise with Us
  • Contact us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
Facebook X (Twitter) Instagram
American FocusAmerican Focus
  • Home
  • Binance
  • Bitcoin
  • Business
  • CoinDesk
  • Crypto
  • ESG
  • Finance
  • Market
  • Stocks
  • Trading
American FocusAmerican Focus
Home»CoinDesk»Howard Lutnick, Tether’s Wall Street Banker, Is Trump’s Pick for Commerce Chief, Not Treasury Secretary

Howard Lutnick, Tether’s Wall Street Banker, Is Trump’s Pick for Commerce Chief, Not Treasury Secretary

JournalistBy JournalistDecember 14, 2014No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Share
Facebook Twitter LinkedIn Pinterest Email


U.S. President-elect Donald Trump wants Cantor Fitzgerald CEO Howard Lutnick — a vocal cryptocurrency enthusiast who has been stablecoin giant Tether’s (USDT) Wall Street banker for years — to serve as his Commerce Secretary, not Treasury Secretary.

Lutnick was one of many vying for the powerful Treasury Secretary role, but reports over the past few days suggested his stock had fallen in Trump’s eyes. Tuesday’s announcement that he would be nominated to the Commerce role instead supports that, despite Lutnick’s role as part of Trump’s transition team. Punchbowl News and The Wall Street Journal first reported his new designated position earlier Tuesday.

“He will lead our tariff and trade agenda, with additional direct responsibility for the Office of the United States Trade Representative,” Trump said in a statement.

Lutnick’s firm, Cantor Fitzgerald, is a stalwart in finance, known particularly for its influential role in the bond market. That includes serving as a primary dealer, an exclusive group of firms allowed to trade directly with the Federal Reserve. It has also dabbled in crypto. Since 2021, it has helped Tether manage the giant stockpile of U.S. Treasuries that back its USDT stablecoin. Cantor Fitzgerald also recently announced a bitcoin financing business — aimed at providing leverage to bitcoin investors — with $2 billion of initial funding.

“I am a fan of crypto, but let me be very specific: bitcoin, just bitcoin. These other coins, they are just not a thing,” he told CNBC in a podcast last year, adding: “I’m a big fan of this stablecoin called tether.”

Lutnick has argued bitcoin should be treated as a commodity — meaning it would face less regulation than, say, stocks or bonds — and is superior to other cryptocurrencies given its lack of central authority and censorship-resistant properties.

The 63-year-old is a long-time friend of Trump, a fellow New Yorker. Lutnick is already co-chair of the Trump transition team.

Cantor Fitzgerald’s history is marred by tragedy: 658 of its employees were killed on 9/11, almost one-third of its global team. Because it lost so many workers, the company was forced to embrace electronic trading instead of how things conventionally worked in the Treasury market: human brokers calling or visiting clients. Today, Wall Street is embracing crypto and blockchains as a way to disrupt old ways of doing business and keeping records.

UPDATE (Nov. 19, 2024, 19:47 UTC): Adds Trump statement.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Journalist
  • Website

Related Posts

Crypto Crumbles in Broad Selloff Led 20% Declines Across Numerous Altcoins — TradingView News

December 9, 2024

Everyone Wants a Piece of the Bitcoin Pie, Now the AI Bots Are Coming for It Too — TradingView News

December 5, 2024

Van Straten — TradingView News

December 5, 2024
Leave A Reply Cancel Reply

Don't Miss

20 Game-Changing AI Tools Every Small Business Leader Needs Now

Business June 23, 2025

Small businesses represent 90% of global industry and generate nearly half of worldwide GDP, yet…

Hong Kong stock rally shakes up investor playbook for China

June 22, 2025

How Pop Mart’s Labubu became a monster of a business

June 20, 2025

Australia business activity stalls in May as retailers squeezed: survey

June 10, 2025
Our Picks

Sahara Token Rockets 40389% on Binance Listing Announcement

June 23, 2025

Bitcoin Net Taker Volume Enters Deep Red On Binance — What’s Next For BTC Price? — TradingView News

June 21, 2025

Solana (SOL) Long Positions Up on Binance: Bullish — TradingView News

June 20, 2025

Binance’s CZ suggests ‘will function’ to distribute crypto in case of death — TradingView News

June 19, 2025
About Us
About Us

Welcome to American Focus, your trusted source for the latest news and insights on the world of cryptocurrency, trading, and digital assets. We are passionate about providing accurate, timely, and comprehensive information to help you navigate the dynamic landscape of the crypto market.

At American Focus, we cover everything from the basics of Bitcoin to in-depth analyses of platforms like Binance and CoinDesk

Facebook X (Twitter) Pinterest YouTube WhatsApp
Our Picks

How War Affects Markets: Trading During Global Conflicts

June 24, 2025

FBM KLCI rebounds from two-month low, energy stocks rise amid escalating Mideast tensions

June 23, 2025

Sahara Token Rockets 40389% on Binance Listing Announcement

June 23, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

© 2025 americanfocus. Designed by americanfocus.
  • Home
  • About Us
  • Advertise with Us
  • Contact us
  • DMCA
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.