Donald Trump Reconsidering Pro-Crypto Treasury Secretary Picks: New York Times

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Julia Smith

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November 18, 2024

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President-elect Donald Trump is allegedly reconsidering whether pro-crypto U.S. Treasury secretary candidates Howard Lutnick and Scott Bessent could be right for the job following internal conflict over the role, according to a November 17 The New York Times report.

Scott Bessent, Howard Lutnick Fight For Trump Cabinet Role

The newspaper reported that Trump is reportedly backing away from the Cantor Fitzgerald CEO and Key Square Capital Management founder following increased frustrations over who could take the coveted cabinet post.

Speaking with an anonymous source, The New York Times alleges that Lutnick has rubbed Trump the wrong way by over-campaigning for the role in a bid to be chosen over Bessent.

A source close to the situation further told the media outlet that the situation had devolved into a metaphorical “knife fight” between the two administration hopefuls, with Lutnick acting as the “primary aggressor.”

While the incoming U.S. president has met with both Bessent and Lutnick, frustrations over which Wall Street executive could secure the position have led to “second thoughts” for Trump, which have reportedly “slowed down the selection process.”

In response, the New York-born businessman is considering Federal Reserve governor Kevin Warsh and Wall Street billionaire Marc Rowan for the role, both of whom are notably less pro-crypto.

Warsh has written in defense of a Central Bank Digital Currency (CBDC). At the same time, Rowan claimed in an interview earlier this year that he did not see the “value of an alternative currency” given anti-money laundering and know-your-customer provisions.

Donald Trump Associates Speak Out In Lutnick’s Favor

However, it seems Lutnick may not be fully out of luck yet, with several Trump associates and incoming administration members endorsing him as Treasury secretary recently.

“Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change,” X CEO Elon Musk posted to the platform Saturday. “Business-as-usual is driving America bankrupt, so we need change one way or another.”

“Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans, a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt,” RFK Jr. said Sunday. “Bitcoin will have no stronger advocate than Howard Lutnik.”

Trump is reportedly set to meet with potential Treasury Secretary hopefuls later this week at his Mar-a-Lago resort and will be sworn in on January 20, 2025.