Trump is in the process of selecting cabinet members for his incoming administration in 2025, and the position of Treasury Secretary is reportedly currently being contested between Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick.
FOX Business reporter Eleanor Terrett said Bessent is "almost certain" to get the position. The crypto-backed asset manager is the favorite to become the U.S. Treasury Secretary along with hedge fund manager John Paulson.
However, according to sources close to the process, Paulson withdrew from the cabinet selection due to what he called "complex financial obligations," while Lutnick has reportedly rushed in to pursue the Treasury Secretary position.
While the position is currently up in the air, both Lutnick and Bessent are pro-crypto candidates who believe the industry is here to stay and want the U.S. to promote the digital asset space.
It is reported that Cantor Fitzgerald, the company led by Lutnick, has served as the custodian of Tether's Treasury bond portfolio since 2021 and became the custodian of Tether's bond portfolio in 2023. Lutnick has always been a supporter of cryptocurrency and has praised Tether and Bitcoin. (Cointelegraph)