Donald Trump has appointed Cantor Fitzgerald CEO Howard Lutnick and WWE co-founder Linda McMahon to jointly chair his presidential transition team, as announced by his campaign on Friday, according to a report by Bloomberg. The transition team also includes Ohio Senator JD Vance, Trump’s running mate, and Trump’s sons, Eric and Donald Jr., as honorary co-chairs.
The transition team’s role is to plan for the new administration, should Trump win the November election. This includes vetting candidates for cabinet positions and other key roles within the federal government and developing a policy agenda. Trump’s campaign emphasized the team’s importance in ensuring a smooth start for a potential second term.
Lutnick has emerged as a significant figure in the cryptocurrency space. Under his leadership, Cantor Fitzgerald has actively embraced Bitcoin and blockchain technology, signaling a strong commitment to integrating digital assets into traditional finance.
In July 2024, Lutnick announced a major initiative at the Bitcoin 2024 conference, where Cantor Fitzgerald unveiled a $2 billion Bitcoin financing business. This venture aims to provide leverage to Bitcoin holders, offering them financial services traditionally reserved for other asset classes. This move is seen as a substantial endorsement of Bitcoin by a major Wall Street firm, potentially encouraging further adoption by traditional financial institutions.
Moreover, Lutnick has been a vocal supporter of Tether, the largest stablecoin by market cap. Cantor Fitzgerald manages Tether’s substantial U.S. Treasury portfolio, a responsibility the firm has held since 2021.
The news of Lutnick’s appointment to Trump’s transition team seems to have excited the crypto community:
As of 7:30 p.m. UTC on August 16, Bitcoin is trading at $59,752, up 4.8% in the past 24-hour period.
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