Lutnick has become increasingly visible to the crypto community due to his relationship with Tether and his appearance at Bitcoin 2024.
President-Elect Donald Trump is selecting cabinet members for his upcoming administration in 2025, and the role of Treasury Secretary is now reportedly contested between Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick.
According to Fox Business reporter Eleanor Terrett, Bessent was "All but certain" to secure the position as recently as Tuesday, November 13. The pro-crypto asset manager was the most likely pick for United States Treasury Secretary alongside hedge fund manager John Paulson.
However, Paulson bowed out of the cabinet selection due to what he described as "complex financial obligations," and Lutnick has allegedly rushed in to clench the Treasury Secretary role, sources close to the process say.
