PANews reported on November 14 that according to Cointelegraph, Trump is selecting cabinet members for the incoming US government in 2025. According to reports, the position of Secretary of the Treasury is currently being contested between Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick. FOX Business reporter Eleanor Terrett said Bessent will "almost certainly" get the position. The asset manager who supports crypto assets is most likely to become the US Treasury Secretary along with hedge fund manager John Paulson.
However, according to sources close to the process, Paulson withdrew from the Cabinet selection due to what he called "complex financial obligations," while Lutnick has reportedly been rushed in to vie for the Treasury Secretary position. Although the position is currently unfilled, both Lutnick and Bessent are pro-crypto candidates who believe the industry is here to stay and want the U.S. to promote the digital asset space.
It is reported that Cantor Fitzgerald, the company led by Lutnick, has served as the custodian of Tether's Treasury bond portfolio since 2021 and became the custodian of Tether's bond portfolio in 2023. Lutnick has always been a supporter of cryptocurrency and has praised Tether and Bitcoin.
