As President-elect Donald Trump prepares to form his cabinet for the upcoming administration in 2025, the position of Treasury Secretary has emerged as a closely contested race. Howard Lutnick, CEO of Cantor Fitzgerald, is reportedly a strong contender, competing against Scott Bessent, a prominent pro-crypto asset manager.
Initially, Bessent was considered the frontrunner for the role, according to sources close to the process. However, the withdrawal of hedge fund manager John Paulson, citing “complex financial obligations,” has opened the door for Lutnick to vie for the influential position. Both candidates are known for their favorable stance toward the crypto industry and their belief in fostering the growth of digital assets in the United States.
Howard Lutnick’s support for cryptocurrency is well-documented. Under his leadership, Cantor Fitzgerald became the custodian of Tether’s Treasury portfolio in 2021 and expanded its role to manage Tether’s bond portfolio by 2023. Lutnick has consistently praised Bitcoin for its decentralized and censorship-resistant nature, describing it as a unique asset within the digital currency ecosystem.
In August 2024, Lutnick was appointed co-leader of Trump’s transition team, a role he shared with Linda McMahon, co-founder of World Wrestling Entertainment (WWE). His inclusion in the team was celebrated by crypto advocates, with Alexander Grieve, vice president of government affairs at Paradigm, calling it a “major win” for the industry. Lutnick had previously briefed the House Republican Conference on the importance of stablecoins and expressed optimism about their potential to modernize financial systems.
Lutnick has also been vocal about the need for clear and supportive regulatory policies for cryptocurrencies. In September 2024, he argued that Bitcoin should be treated as a commodity, similar to precious metals or energy, emphasizing its role as a decentralized store of value. He has also criticized U.S. regulators and lawmakers for their lack of understanding about digital assets, stating, “They have no idea” about the complexities of crypto and its potential to revolutionize finance.
With both candidates holding pro-crypto views, the selection of Treasury Secretary could mark a pivotal moment for the cryptocurrency industry in the United States. Lutnick’s track record and deep ties to the digital asset space position him as a potential advocate for crypto-friendly policies at the highest levels of government.
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