Howard Lutnick who has been nominated by President-elect Donald Trump to serve as Secretary of Commerce acquires 5% stake in Tether for $600 million

On November 23, 2024, Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, who has been nominated by President-elect Donald Trump to serve as Secretary of Commerce acquires 5% stake in Tether for $600 million

In this role, Lutnick is expected to oversee the Department of Commerce's extensive portfolio, which includes economic data management, trade policy, and technological innovation.

Lutnick's nomination has garnered attention due to his significant involvement in the cryptocurrency sector. Notably, Cantor Fitzgerald holds a substantial relationship with Tether, a leading cryptocurrency firm. Reports indicate that Cantor Fitzgerald manages a considerable portion of Tether's $134 billion in assets and has acquired a 5% ownership stake in the company, valued at approximately $600 million.

This connection underscores Lutnick's influence in the cryptocurrency market and suggests potential implications for future regulatory policies under his leadership.

Lutnick's extensive experience in financial services and his active participation in the cryptocurrency industry position him as a pivotal figure in shaping the United States' economic and trade policies in the forthcoming administration.