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Donald Trump's Transition Team to be Led by Howard Lutnick: Implications for the Crypto Industry

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by Giorgi Kostiuk

2 years ago

  1. Appointment of Howard Lutnick and Linda McMahon
  2. Lutnick's Support for the Crypto Industry
  3. Crypto Community's Reaction


    4. Donald Trump has announced that Howard Lutnick, CEO of Cantor Fitzgerald, will co-chair his transition team if he wins the election. Linda McMahon, a former U.S. Administrator of the Small Business Administration, will be joining Lutnick.

    Appointment of Howard Lutnick and Linda McMahon

    Donald Trump stated that Howard Lutnick, CEO of Cantor Fitzgerald, will co-chair his transition team. Linda McMahon, a former Administrator of the U.S. Small Business Administration, will also join the team. The event will be chaired by honorary chairmen—Trump’s vice presidential nominee J.D. Vance and his sons Eric and Donald Trump Jr.

    Lutnick's Support for the Crypto Industry

    Cantor Fitzgerald has been a custodian for Tether, the largest stablecoin, since late 2021. Lutnick has publicly supported the stability of Tether, stating that the company has adequate funds despite ongoing speculation about Tether’s reserves. This move is significant for the crypto industry, given Lutnick’s influence and bullish stance on crypto. Alexander Grieve from Paradigm highlighted, 'Inclusion of Howard Lutnick is huge for crypto. He personally briefed the House Republican Conference last year on stablecoins and is a big crypto bull.'

    Crypto Community's Reaction

    The influx of millions of dollars into super political action committees and Trump’s promise to cease an 'unlawful and un-American crackdown' on the U.S. crypto business have made cryptocurrency a major feature of the 2018 election season. The former president has also gained traction with the sector by appointing crypto-friendly J.D. Vance as his running partner and pledging to support Bitcoin miners. Meanwhile, Vice President candidate Kamala Harris has shown interest in the cryptocurrency sector, although her opinion on cryptocurrencies has yet to be publicly stated.

    The appointment of Howard Lutnick in Donald Trump's transition team could significantly impact the crypto industry. This move underscores the importance of cryptocurrencies and their growing role in the political arena.

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