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Former President Trump Picks Tether Custodian CEO To Spearhead Transition Team: Report

August 19, 2024

Former President Donald Trump is reportedly choosing the CEO of Tether custodian Cantor Fitzgerald to lead his transition team.

According to a new report by Politico, Trump is announcing that Howard Lutnick, the chairman and chief executive of financial services giant Cantor Fitzgerald, will lead his transition team along with Linda McMahon, the former head of Trump’s Small Business Administration.

The report says that Lutnick and McMahon will be in charge of supervising the screening and hiring of potential government appointees as well as developing policies that Trump could execute immediately if he wins the presidential race.

Cantor Fitzgerald has been serving as stablecoin issuer Tether’s custodian since 2021.

Earlier this year, Lutnick confirmed to Bloomberg that Tether’s multi-billion-dollar reserves exist and that Cantor Fitzgerald manages “many, many” of those assets for Tether.

In a post on the social media platform X earlier this month, Lutnick said he’s delighted to see Trump take a supportive stance toward Bitcoin (BTC) and crypto assets in general.

Last month, Cantor Fitzgerald announced plans to launch a $2 billion Bitcoin financing business in an effort to bridge the gap between traditional finance and digital assets.

The Trump campaign’s onboarding of Lutnick comes weeks after choosing pro-crypto Senator JD Vance as Trump’s running mate for the upcoming 2024 presidential election.

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