---
title: "Trump eyes Tether custodian Lutnick for Commerce Chief"
url: https://diffcoin.com/trump-eyes-tether-custodian-lutnick-for-commerce-chief/
description: "Cantor Fitzgerald CEO Howard Lutnick may join the cabinet being formed by President-elect Donald Trump."
published: 2024-11-19
updated: 2024-11-19
author: "Mila"
site: "Diffcoin"
---

# Trump eyes Tether custodian Lutnick for Commerce Chief

Cantor Fitzgerald CEO Howard Lutnick may join the cabinet being formed by President-elect Donald Trump.

Trump is reportedly poised to nominate Lutnick as U.S. Secretary of Commerce as he assembles a team for his second term in the White House, according to reports from The Wall Street Journal and other reputable outlets. While Lutnick was initially mentioned as a candidate for Treasury Secretary, recent developments suggest a stronger likelihood of him leading the Commerce Department.

> 🚨BREAKING: TRUMP SET TO NOMINATE LUTNICK FOR COMMERCE SECRETARY
> 
> President-elect Trump is expected to name Howard Lutnick, CEO of Cantor Fitzgerald, as his Commerce Secretary.
> 
> Lutnick, a close ally, has backed Trump’s vision for boosting U.S. manufacturing and supporting… [pic.twitter.com/HlF3N8OJ3P](https://t.co/HlF3N8OJ3P)
> 
> — Mario Nawfal (@MarioNawfal) [November 19, 2024](https://twitter.com/MarioNawfal/status/1858901302111334457?ref_src=twsrc%5Etfw)

Lutnick’s odds of becoming Treasury Secretary fell sharply on prediction platforms like Polymarket following this news. As of Nov. 18, there was a 32% probability of Lutnick securing the Treasury post. However, by press time, his odds had dropped to just 2%.

Experts believe Trump is inclined to pick Lutnick for the Commerce role due to their aligned views on tariffs and economic policies.

![Report: Trump eyes Tether custodian Lutnick for Commerce Chief - 1](https://crypto.news/app/uploads/2024/11/Screenshot-614.png)

Odds for U.S. Treasury Secretary choices under Donald Trump | Source: Polymarket

Lutnick’s possible appointment could have significant implications for the cryptocurrency sector, particularly stablecoins. Cantor Fitzgerald serves as a custodian for Tether (USDT) and manages the bulk of its U.S. Treasury Bill reserves, valued at $86 billion as of January.

The stablecoin operator attracted scrutiny for years due to doubts about its assets backing USDT. What crypto natives call FUD, negative news about a project, greatly reduced after Cantor Fitzgerald stepped in as a USDT custodian.

Dispelling reputational risks tied to the world’s largest stablecoin could be a shadow of things to come as the pro-Bitcoin (BTC) and crypto-friendly banker edged closer to state-backed influence.

Social media chit-chat guessed that Cantor Fitzgerald’s boss could encourage stablecoin adoption and regulation, a topic already gaining steam within the U.S. Congress. Lutnick advocated for fiat-pegged tokens powered by blockchain and asset tokenization back in April 2024.

[Source link](https://crypto.news/report-trump-eyes-tether-custodian-lutnick-for-commerce-chief/)