Trump's Treasury Secretary Choice Narrowed Down To Pro-Crypto Candidates

According to Cointelegraph, President-Elect Donald Trump is in the process of selecting cabinet members for his upcoming administration in 2025, with the position of Treasury Secretary reportedly being contested between Scott Bessent and Howard Lutnick, CEO of Cantor Fitzgerald. Initially, Bessent was considered the frontrunner for the role, as reported by Fox Business reporter Eleanor Terrett, who noted that Bessent was "all but certain" to secure the position as of November 13. Bessent, a pro-crypto asset manager, was seen as a likely choice alongside hedge fund manager John Paulson. However, Paulson withdrew from consideration due to "complex financial obligations," leading to Lutnick emerging as a strong contender for the Treasury Secretary position. Both Lutnick and Bessent are known for their supportive stance on cryptocurrencies, advocating for the United States to embrace and develop the digital asset sector. Lutnick, in particular, has a notable history of supporting cryptocurrencies. Under his leadership, Cantor Fitzgerald has been the custodian of Tether's Treasury portfolio since 2021 and took on the role of custodian for Tether's bond portfolio in 2023. Lutnick has been vocal about his support for cryptocurrencies, praising Tether and Bitcoin for their unique attributes, such as Bitcoin's lack of central authority and censorship-resistant properties. In December 2023, he highlighted these features as distinguishing Bitcoin from other digital assets. Lutnick's involvement in Trump's transition team, alongside Linda McMahon, co-founder of World Wrestling Entertainment and administrator of the Small Business Administration, further underscores his influence in the crypto space. Alexander Grieve, vice president of government affairs at crypto investment firm Paradigm, emphasized Lutnick's significance in the crypto community, noting his briefing to the House Republican Conference on stablecoins and his bullish stance on cryptocurrencies. In September 2024, Lutnick argued for Bitcoin to be classified as a commodity, akin to precious metals or energy, and criticized US regulators and lawmakers for their lack of understanding of digital assets, stating that "they have no idea" about coherent digital asset policy.