Lutnick vs Bessent Fight for Trump’s Treasury

Howard Lutnick, CEO of Cantor Fitzgerald, is reportedly making a strong behind-the-scene push for the position of Treasury Secretary. Sources suggest that Lutnick is “campaigning hard” for the role which has led to delay in the official announcement from Trump’s camp.

While Lutnick is making moves to secure this job, he faces stiff competition from the leading contender, Scott Bessent, who has the backing of President-elect Donald Trump as Fox Journalist, Eleanor Terret reported on X.

Trump’s Support for Pro-Bitcoin Candidate Bessent

Trump’s endorsement of Bessent has caught the attention of the crypto community, as Bessent is known for his pro-Bitcoin stance. Trump’s support for a candidate with strong views in favor of digital assets aligns with a growing interest in cryptocurrency regulation at federal level.

Many in the Bitcoin community view Bessent’s potential appointment as a step toward a more crypto-friendly regulatory environment, which could bring greater clarity and support for digital assets in the U.S. financial system.

Where does Lutnick Stand on Cryptocurrency?

Howard Lutnick’s stance on cryptocurrency appears to be supportive given his involvement with tether, a major stabelcoin company and his role as CEO of Cantor Fitzgerald, which serves as Tether’s custodian. he has publicly vouched for Tether’s financial stability and legitimacy despite criticism from the wider crypto industry.

His position on cryptocurrency regulation is less clear, but his potential appointment as Treasury Secretary could signifcantly influence the regulatory landscape.

Some concerns have been raised about Lutnick’s ties to Tether, which is currently under scrutiny by the Treasury Department, and potential conflict of interest if he were to oversee investigations into the company. However, its worth noting that he would be required to resign from Cantor Fitzgerald if appointed Treasury Secretary.

The Treasury Secretary decision hangs in the balance between Howard and Lutnick and Scott Bessent. Trump’s choice will significantly impact cryptocurrency regulation, economic policy and financial institution.

Also Read: Max Keiser: Bitcoin Has Reached “Escape Velocity”