Former President Donald Trump is preparing to nominate Howard Lutnick, CEO of financial services giant Cantor Fitzgerald, as Commerce Secretary, according to people familiar with the matter.
The move positions one of the leading Wall Street figures and cryptocurrency advocates to shape the economic policies in Trump’s campaign platform as he seeks re-election in 2024.
A longtime Trump ally, Lutnick played a key role on the former president’s transition team and is considered a trusted adviser on economic issues. He has worked closely with Trump at Mar-a-Lago in recent months, vetting candidates for key cabinet positions and advising on financial strategies for the campaign.
Lutnick’s candidacy is likely to garner attention from the crypto industry due to his company’s role in managing the U.S. Treasury reserves for Tether (USDT), the largest stablecoin by market cap. Cantor Fitzgerald has been a key partner of Tether, providing services critical to the stability of its reserves. Lutnick’s pro-crypto stance aligns with Trump’s growing public support for digital currencies.
As CEO of Cantor Fitzgerald, Lutnick built the company into a prominent position in financial services, particularly bond trading and investment management.
*This is not investment advice.