U.S. President-elect Donald Trump intends to nominate Howard Lutnick, the CEO of Cantor Fitzgerald and a prominent supporter of cryptocurrency, specifically Tether's USDT, as his Secretary of Commerce.

Lutnick was previously considered for the role of Treasury Secretary, but recent reports indicate that his chances for that position have diminished. The official announcement confirming his nomination for Commerce came via Punchbowl News and The Wall Street Journal.

"He will lead our tariff and trade agenda, with additional direct responsibility for the Office of the United States Trade Representative," Trump stated.

Cantor Fitzgerald, under Lutnick's leadership, has partnered with Tether since 2021, managing a vast reserve of U.S. Treasuries backing the USDT stablecoin. The company has also recently ventured into the cryptocurrency space with a new bitcoin financing initiative.

Lutnick has frequently stated his enthusiasm for bitcoin, often stating: "I am a fan of crypto, but let me be very specific: bitcoin, just bitcoin. These other coins, they are just not a thing." [Translation: "I'm a fan of cryptocurrency, specifically bitcoin, but other cryptocurrencies don't hold the same value."] He believes bitcoin should be categorized as a commodity, thus facing less regulatory burden compared to stocks.

As a long-time associate of Trump and currently co-chair of his transition team, Lutnick's connections bolster his standing within the new administration.

Cantor Fitzgerald has a legacy marked by resilience; it experienced significant loss during the 9/11 attacks, prompting a shift toward electronic trading. Now, as Wall Street embraces cryptocurrency, the firm is positioned at the forefront of finance and digital currency.