CoinDesk reported that president-elect Donald Trump is reportedly considering Howard Lutnick, the CEO of Cantor Fitzgerald, for the role of Commerce Secretary, rather than Treasury Secretary, according to reports from Punchbowl News and The Wall Street Journal. Lutnick, a well-known cryptocurrency advocate and longtime Wall Street banker for stablecoin giant Tether (USDT), was initially seen as a contender for Treasury Secretary, but recent reports suggest his prospects for that role have diminished. Instead, he is now expected to be nominated for the Commerce position, despite his involvement with Trump’s transition team.

Cantor Fitzgerald, under Lutnick’s leadership, is a key player in finance, particularly in the bond market, and serves as a primary dealer, allowing it to trade directly with the Federal Reserve. The firm has also made inroads into the cryptocurrency space, assisting Tether in managing its vast reserves of U.S. Treasuries backing the USDT stablecoin. Additionally, Cantor Fitzgerald recently launched a bitcoin financing business with $2 billion in initial funding to provide leverage to bitcoin investors.

Lutnick, a strong proponent of bitcoin, has stated that he views it as a superior commodity, advocating for less regulation compared to stocks and bonds due to its decentralized nature and censorship-resistant qualities. He has also expressed his enthusiasm for Tether, calling it a standout stablecoin. Despite his support for cryptocurrencies, he remains critical of many altcoins.

The 63-year-old, a fellow New Yorker and longtime friend of Trump, has also served as co-chair of the Trump transition team. Cantor Fitzgerald’s history is marked by tragedy, having lost 658 employees in the 9/11 attacks, almost one-third of its workforce. This led the firm to embrace electronic trading, a shift that is in line with the growing trend in Wall Street to adopt crypto and blockchain technology to modernize traditional financial practices.

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