Howard Lutnick making push for Treasury job, setting up battle with leading contender Bessent

Published On Nov 13, 2024, 9:25 AM

Billionaire hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick are competing for the position of Treasury Secretary in President-elect Donald Trump's new administration. Bessent, founder of Key Square Group, is currently favored due to Lutnick's ties with the cryptocurrency Tether, which is undergoing scrutiny by the Treasury. The competition intensified after investor John Paulson withdrew, leaving the door open for either candidate. Both Bessent and Lutnick have substantial financial backing for Trump, but internal advisers prefer Bessent for the role, which may enhance crypto's influence in government policy if appointed.

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If Scott Bessent is appointed as Treasury Secretary, we could see a positive trend for cryptocurrency markets as his pro-crypto views align with Trump's possible policies, potentially benefiting crypto-related stocks and funds. Alternatively, Lutnick's appointment could lead to more regulatory scrutiny for Tether, impacting the crypto market negatively. Overall, if Bessent's influence rises, related assets like Bitcoin-focused ETFs may see gains.

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