Donald Trump’s presidential run in 2024 just got a lot more interesting. Trump announced that if he gets back into the Oval, he’s bringing Cantor Fitzgerald CEO Howard Lutnick on board to lead his transition team.
Howard is a heavy hitter in finance and a known supporter of cryptocurrency, especially Bitcoin and Tether. Cantor Fitzgerald has been managing Tether’s assets since 2021.
Trump’s transition team isn’t just a one-man show, though. He’s also bringing back Linda McMahon, who served as head of the Small Business Administration during his first term.
Together with Howard, McMahon will co-chair the transition effort. Trump’s got his usual crew involved too, with his sons, Donald Jr. and Eric, taking honorary roles, along with his running mate, Senator JD Vance from Ohio.
Trump’s inner circle
Trump called the team a “forward-looking agenda” that promises to bring “safety, prosperity, and freedom” to the American people. Yeah, it’s classic Trump rhetoric, but the guy knows how to rally his base.
He’s also putting a lot of trust in this team, saying he’s got “absolute confidence” that they’ll be ready to take the reins from Day One if he wins.
Naming a transition team ahead of the election isn’t unusual. It’s all about laying the groundwork in case they actually win.
But the choice of Howard is what makes this stand out. Earlier this month, he hosted a fundraiser for Trump in the Hamptons. Linda McMahon isn’t exactly a newbie either.
She co-founded World Wrestling Entertainment (WWE), and more recently, she’s been leading the pro-Trump think tank, America First Policy Institute.
Howard and crypto
Just last month, at the Bitcoin 2024 conference, Howard announced a $2 billion Bitcoin financing venture.
He’s pushing for Bitcoin to be more integrated into traditional financial systems, and this new business is aimed at giving Bitcoin holders more leverage in the market.
Since Cantor Fitzgerald started managing Tether’s U.S. Treasury assets, Howard has been one of its most outspoken defenders. He’s been quoted saying that Tether is rock-solid and fully backed, despite all the controversy surrounding it.
According to Howard, stablecoins like Tether are key to maintaining the U.S. dollar’s dominance on the global stage. He’s all about keeping that “dollar hegemony” intact, which he believes is important for the Republican.
Of course, Howard’s support of Tether hasn’t been without drama. Tether has faced a ton of criticism, especially with allegations that it’s been used for shady activities, like funding terrorism.
And when these reports came out, Howard publicly defended Tether, insisting that it’s financially stable and that the company behind it has the cash reserves to back up its claims.
