Trump To Tap Crypto-Friendly Howard Lutnick As Commerce Secretary

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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 19, 2024 16:05 EST

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President-elect Donald Trump will reportedly tap Cantor Fitzgerald CEO Howard Lutnick to be his Commerce secretary, according to multiple Tuesday reports.

Trump Reportedly Taps Cantor Fitzgerald CEO Howard Lutnick

According to reports, Trump favors choosing Lutnick to help lead the nation’s commerce. The billionaire businessman previously spoke out in favor of the former reality television star’s controversial tariff plans.

Currently, Trump plans to implement a tariff range of 60 percent to 100 percent on Chinese goods while having remaining foreign countries pay 20 percent.

Critics argue that the high-cost tariffs will negatively impact the average American buyer’s wallet, while proponents claim it will lead to a manufacturing boom in the United States.

Donald Trump Considers Treasury Secretary Role

Meanwhile, the role of U.S. Treasury secretary continues to be undecided after Lutnick allegedly got on the former U.S. president’s nerves by campaigning too hard for the coveted cabinet position.

Speaking with The New York Times on November 17, an anonymous source told the media outlet that the situation had devolved into a “knife fight” between Lutnick and fellow Treasury Secretary hopeful Scott Bessent, with the former acting as the “primary aggressor.”

According to the report, the internal frustration over which Wall Street executive would land the role caused “second thoughts” for Trump, which have reportedly “slowed down the selection process.”

In addition to the Key Square Capital Management founder, Trump reportedly considers Federal Reserve governor Kevin Warsh and billionaire Marc Rowan as Treasury Secretary.

Warsh and Rowan have a comparatively less crypto-friendly stance than Lutnick and Bessent. Warsh recently argued in defense of a​​ Central Bank Digital Currency (CBDC), while Rowan has claimed that he does not see the “value of an alternative currency” given anti-money laundering and know-your-customer provisions.

Both Bessent and Lutnick have been vocal advocates of Bitcoin in the past. Over the weekend, incoming Department of Health and Human Services secretary Robert F. Kennedy Jr. took to X to endorse Lutnick for Treasury secretary.

“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 wrote. “Bitcoin will have no stronger advocate than Howard Lutnick.”

Trump is slated to meet Treasury secretary hopefuls at Mar-a-Lago later this week.