Trump expected to tap billionaire crypto booster Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary
President-elect Donald Trump will turn to Howard Lutnick, who is co-chair of his transition team, to serve as the next Secretary of Commerce, according to press reports.
Lutnick has emerged as a key advisor to Trump, who won the U.S. presidential election earlier this month. He has led the transition team along with Linda McMahon, the co-founder and former CEO of WWE, who was once considered a shoo-in for the Commerce post.
Lutnick is a cryptocurrency enthusiast while his firm, Cantor Fitzgerald, manages some of the stablecoin Tether’s reserve funds.
Lutnick will succeed Gina Raimondo, who is the current Commerce secretary. Raimondo is the former governor of Rhode Island, and the founder of venture firm Point Judith Capital.
News of Lutnick’s nomination to the Commerce position was first reported by Punchbowl News and then confirmed by the Wall Street Journal.
Lutnick was recently considered a top contender to lead the Treasury department, but his enthusiasm for the job was reportedly rubbing Trump the wrong way. Scott Bessent, CEO and CIO of hedge fund manager Key Square Capital Management, is a frontrunner for the treasury position, while other candidates include former Federal Reserve governor Kevin Warsh and Marc Rowan, the CEO of Apollo Global Management.
The Commerce position is considered a consolation prize for Lutnick not getting the treasury post. The incoming Trump administration views the post as less pressing than other top national security and economic roles, Semafor reported. Commerce is smaller than the Treasury and plays a leading role in administering the Biden administration’s CHIPs and Science Act, which allotted $52.7 billion for chip research, manufacturing, and workforce development.
Trump is scheduled to be sworn in on Jan. 20 as the 47th president of the United States.
Messages to Trump’s transition team and Cantor Fitzgerald were not immediately returned.
