Howard Lutnick Fighting for Donald Trump Treasury Secretary pick over Scott Bessent: Fox Business

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 13, 2024 16:28 EST

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Pro-crypto U.S. Treasury Secretary hopeful Scott Bessent is allegedly facing headwinds from Cantor Fitzgerald CEO Howard Lutnick as he attempts to clinch the highly coveted position in President-elect Donald Trump’s Cabinet.

Howard Lutnick Wants Role In Donald Trump’s Cabinet, Fox Says

According to the November 13 report, three anonymous sources told journalists Eleanor Terrett and Charlie Gasparino that Lutnick was “campaigning hard” to win the position over the current Key Square Group CEO.

Bessent, who served as a key advisor to Trump’s campaign, is largely regarded as the leading candidate for the position. Voters on the decentralized prediction market Polymarket predict that the macro investment firm founder will secure the role over the billionaire businessman 65 percent to 31 percent.

A long-time donor to Trump, Lutnick’s push to obtain the sought-after role in Trump’s cabinet is reportedly “stalling” the former reality television star’s U.S. Treasury Secretary decision announcement.

Will Scott Bessent Become U.S. Treasury Secretary?

Wednesday’s Fox Business report follows another report by Terret highlighting that Bessent has made a series of crypto-friendly statements in the run-up to the current lame duck session.

“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom and the crypto economy is here to stay,” Bessent reportedly said.

In another quote, Bessent allegedly praised Bitcoin, claiming the Satoshi Nakamoto-created cryptocurrency has the ability to cultivate “a market culture in the U.S.” while making users believe in a “system that works for them.”

“I think everything is on the table with Bitcoin,” Bessent reportedly stated. “One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before.”

Bitcoin has seen a surge in value since Trump was elected just over a week ago, with the token skyrocketing past $93,000 on Wednesday.

However, Dogecoin outperformed Bitcoin on Wednesday following Trump’s Tuesday night announcement that he has tapped X CEO Elon Musk and former Republican presidential hopeful Vivek Ramaswamy to lead the newly created Department of Governmental Efficiency (DOGE).

A statement from the Trump administration stated that Vivek and Musk’s responsibility will primarily be to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies..”

With many in the blockchain sector expecting crypto-friendly regulations in the years to come, it seems a matter of if – not when – a pro-crypto regulatory framework will be enacted.