Howard Lutnick to leave Cantor following nomination as Trump’s commerce secretary  

Howard Lutnick, chairman of Cantor Fitzgerald, is set to leave his position after being nominated by President-elect Donald Trump as U.S. Secretary of Commerce.

Lutnick announced his decision to leave Cantor Fitzgerald, BGC Partners and Newmark following Senate confirmation. It also plans to divest its stakes in those firms to comply with federal ethics rules.

The resignation coincides with revelations that Lutnick plans to hand over responsibilities, particularly related to a massive $2 billion loan initiative, to his son, Brandon Lutnick.

A crypto.news report confirmed that this program aims to provide dollar loans to customers using Bitcoin as collateral. Notably, the initiative is part of Cantor Fitzgerald’s growing alliance with Tether, highlighting the firm’s expanding presence in crypto, an area Trump courted during his campaign.

Lutnick’s departure is expected to impact Cantor’s collaboration with Tether, which relies on Cantor’s custody services to manage U.S. Treasury assets.

Remarkably, this relationship earns the firm millions annually. According to Bloomberg, Lutnick’s son, Brandon Lutnick, who is a trader at Cantor and has previous experience at Tether, is expected to take the leadership role in overseeing these operations.

Trump’s team is taking shape

Lutnick’s candidacy is part of Trump’s focus on integrating financial innovation and digital assets into his administration.

Trump, who will take office in January 2025, expressed his strong support for cryptocurrencies, especially Bitcoin. He has also signaled interest in creating a dedicated White House role for cryptocurrency policy, currently in talks with industry leaders.

In particular, the announcement of Lutnick as Commerce Secretary is part of Trump’s broader efforts to assemble a pro-business cabinet.

Other notable appointments include billionaire hedge fund manager Scott Bessent as Treasury Secretary and Robert F. Kennedy Jr. as Secretary of Health and Human Services. It is located.

Lutnick expressed gratitude for this opportunity, emphasizing his commitment to increasing economic growth and innovation as Secretary of Commerce.