Howard Lutnick Plans Transition Amid Senate Approval

According to PANews, Howard Lutnick, a cryptocurrency advocate nominated by former President Trump for the position of Secretary of Commerce, has announced his intention to resign from his roles at Cantor, BGC, and Newmark upon Senate approval. Lutnick, currently serving as the CEO of Cantor, plans to transfer the company's Tether business relations to a colleague, with his son Brandon Lutnick being a likely candidate. Brandon Lutnick has previously interned at Tether's Swiss operations and is currently employed at Cantor. During his internship in Lugano, he reportedly managed the inventory of gold bars backing Tether Gold, a token supported by $660 million worth of gold. In related developments, Cantor Fitzgerald is reportedly in discussions with Tether to initiate a $2 billion Bitcoin loan project. A spokesperson for Tether has clarified that their relationship with Cantor Fitzgerald is strictly professional, dismissing any claims that CEO Lutnick could influence regulatory actions as baseless.