In a move that underscores the crypto industry’s growing influence on politics, the former president Donald Trump announced Friday that he will appoint Howard Lutnick, the CEO of financial firm Cantor Fitzgerald, to lead his transition team if he is re-elected in 2024.

Crypto Ally Will Lead Potential Transition

According to recent reportsTrump’s official handover will be led by two major campaign donors: Linda McMahon, who previously headed the Small Business Administration during Trump’s first term, and Howard Lutnick.

Trump’s running mate, Sen. J.D. Vance of Ohio, will reportedly serve as honorary chairman, as will his older sons, Donald Trump Jr. and Eric Trump, Trump said in a statement.

The 2024 GOP Platform to Make America Great Again is a forward-looking agenda that will deliver security, prosperity, and freedom for the American people. My Administration will deliver on these bold promises. We will return strength, competence, and common sense to the Oval Office. I have absolute confidence that the Trump-Vance Administration will be prepared to govern effectively on Day One.

Cantor Fitzgerald’s Bitcoin Finance Movement

Lutnick, whose firm Cantor Fitzgerald has served as the custodian of Tether’s USDT stablecoin since late 2021, is seen as a cryptocurrency advocate and is making significant strides in the digital asset sector.

Cantor Fitzgerald, a global financial services company valued at $13.2 billion, recently plans revealed to establish a specialized Bitcoin (BTC) financing company to provide leverage to investors holding the leading cryptocurrency.

Lutnick highlighted the company’s expertise in arranging and financing various securities and commodities, and emphasized their commitment to supporting BTC. The chairman’s vision is to establish a “cutting-edge platform” tailored to the funding needs of Bitcoin investors. The Cantor CEO further stated:

Cantor Fitzgerald arranges and finances vast amounts of securities and commodities and, as strong advocates of Bitcoin, will now build an incredible platform to support the financing needs of Bitcoin investors. We are excited to help unlock Bitcoin’s full potential and continue to bridge the gap between traditional finance and digital assets.

In addition, Tether recently bought a $100 million stake in Bitdeer Technologies Group, a US-listed Bitcoin mining company. The agreement between Tether and Bitdeer included a private placement of shares, which generated significant proceeds facilitated by Cantor Fitzgerald.

These developments underscore both the company and Lutnick’s support for crypto, in line with statements made by former President Donald Trump. previous comments on digital assets and the key role this technology could play under a new mandate, which also promises to be the first “crypto president“for the US.

At the time of writing, Bitcoin is trading at $58,530, down almost 3% in the past 24 hours.

Main image of DALL-E, chart from TradingView.com