President-Elect Donald Trump is selecting cabinet members for his upcoming administration in 2025, and the role of Treasury Secretary is now reportedly contested between Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick.
According to Fox Business reporter Eleanor Terrett, Bessent was "All but certain" to secure the position as recently as Tuesday, November 13. The pro-crypto asset manager was the most likely pick for United States Treasury Secretary alongside hedge fund manager John Paulson.
However, Paulson bowed out of the cabinet selection due to what he described as "complex financial obligations," and Lutnick has allegedly rushed in to clench the Treasury Secretary role, sources close to the process say.
Despite the position now being up in the air, both Lutnick and Bessent are pro-crypto candidates, who believe the industry is here to stay and want the United States to foster development in the digital asset sector.
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A brief history of Howard Lutnick's crypto support
Cantor Fitzgerald, the firm Lutnick heads, has been the custodian of Tether's Treasury portfolio since 2021 and became the custodian for Tether's bond portfolio in 2023.
Lutnick has been an outspoken proponent of cryptocurrencies — praising Tether and Bitcoin (BTC). In December 2023, the Cantor Fitzgerald CEO cited Bitcoin's lack of central authority and censorship-resistant properties as unique and unlike any other digital asset.
The CEO was appointed to co-lead Trump's transition team in August 2024 alongside World Wrestling Entertainment (WWE) co-founder and administrator of the Small Business Administration Linda McMahon.
Following Lutnick's appointment, Alexander Grieve, the vice president of government affairs at crypto investment firm Paradigm, remarked that the "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."
More recently, in September 2024, Lutnick argued that Bitcoin should be treated as a commodity — just like precious metals or energy. The CEO also chastised US regulators and lawmakers for being ignorant about crypto — stating "They have no idea" about digital assets or coherent digital asset policy.
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