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Cantor Fitzgerald CEO Howard Lutnick may join the cabinet being formed by President-elect Donald Trump. 
Trump is reportedly poised to nominate Lutnick as U.S. Secretary of Commerce as he assembles a team for his second term in the White House, according to reports from <a href="https://www.wsj.com/politics/trump-commerce-secretary-howard-lutnick-cabinet-77c86b81?mod=breakingnews" target="_blank" rel="nofollow">The Wall Street Journal</a> and other reputable outlets . While Lutnick was initially mentioned as a candidate for Treasury Secretary, recent developments suggest a stronger likelihood of him leading the Commerce Department. 
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 https://twitter.com/MarioNawfal/status/1858901302111334457 
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Lutnick’s odds of becoming Treasury Secretary fell sharply on prediction platforms like Polymarket following this news. As of Nov. 18, there was a 32% <a href="https://crypto.news/donald-trump-to-meet-armstrong-amid-bakkt-buy-talks/" target="_blank">probability</a> of Lutnick securing the Treasury post. However, by press time, his odds had dropped to just 2%. 
Experts believe Trump is inclined to pick Lutnick for the Commerce role due to their aligned views on tariffs and economic policies. 
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 Odds for U.S. Treasury Secretary choices under Donald Trump | Source: Polymarket
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 You might also like: <a rel="" href="https://crypto.news/donald-trump-to-meet-armstrong-amid-bakkt-buy-talks/"> Donald Trump to meet Armstrong amid Bakkt buy talks </a> 
Lutnick’s possible appointment could have significant implications for the cryptocurrency sector, particularly stablecoins. Cantor Fitzgerald serves as a custodian for Tether (<a href="https://crypto.news/price/tether/" target="_blank">USDT</a>) and manages the bulk of its U.S. Treasury Bill reserves, <a rel="" href="https://crypto.news/cantor-fitzgerald-ceo-confirms-tethers-legitimate-86b-assets/">valued at $86 billion</a> as of January. 
The stablecoin operator attracted scrutiny for years due to doubts about its assets backing USDT. What crypto natives call FUD, negative news about a project, greatly reduced after Cantor Fitzgerald stepped in as a USDT custodian. 
Dispelling reputational risks tied to the world’s largest stablecoin could be a shadow of things to come as the pro-Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) and crypto-friendly banker edged closer to state-backed influence. 
Social media chit-chat guessed that Cantor Fitzgerald’s boss could encourage stablecoin adoption and regulation, a topic already gaining steam within the U.S. Congress. Lutnick <a href="https://crypto.news/cantor-fitzgerald-stablecoins-tokenization/" target="_blank">advocated</a> for fiat-pegged tokens powered by blockchain and asset tokenization back in April 2024. 
 Read more: <a rel="" href="https://crypto.news/cantor-fitzgerald-ceo-unveils-2b-bitcoin-financing-initiative/"> Cantor Fitzgerald CEO unveils $2b Bitcoin financing initiative </a>

Report: Trump eyes Tether custodian Lutnick for Commerce Chief

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