Republican presidential candidate 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. Trump’s vice presidential nominee J.D. Vance and his sons Eric and Donald Trump Jr. will chair the event as honorary chairmen.
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 seen as significant for the crypto industry, with Alexander Grieve from Paradigm highlighting Lutnick’s influence and bullish stance on crypto.
Grieve stated, “Trump Transition leadership announced. 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..”
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 Vance as his running partner and pledging to support Bitcoin miners.
Candidate and Vice President Kamala Harris has started interacting with the cryptocurrency sector, stating that they are interested in finding out more information. Harris hasn’t stated his opinion on cryptocurrencies in the open yet.
Also Read: Trump’s Disclosure Shows Over $1M in Cryptocurrency Holdings
