President-Elect Donald Trump is selecting cabinet members for his upcoming 2025 administration, with the Treasury Secretary role contested between Scott Bessent and Howard Lutnick.
Appointment Situation
Fox Business reporter Eleanor Terrett stated that Scott Bessent was 'all but certain' for the position. However, John Paulson withdrew due to 'complex financial obligations'. Howard Lutnick of Cantor Fitzgerald emerged as the main contender. Both candidates support cryptocurrencies and want to advance the US digital asset sector.
Howard Lutnick's Crypto Support
Under Lutnick's leadership, Cantor Fitzgerald became the custodian for Tether's bond portfolio in 2023. Lutnick is an outspoken crypto supporter, praising Tether and Bitcoin. In August 2024, he was appointed to co-lead Trump's transition team alongside Linda McMahon from WWE.
Future of US Crypto Policy
In September 2024, Lutnick argued that Bitcoin should be treated as a commodity, like precious metals or energy, criticizing US regulators for lacking crypto knowledge. Alexander Grieve of Paradigm stated Lutnick's inclusion is significant for the crypto world.
Both Treasury Secretary candidates in Trump's administration support cryptocurrencies, promising favorable US policy developments in the sector.
