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The man heading up the transition team if Donald Trump wins the presidential election reportedly has questionable links to a controversial cryptocurrency company.
Cantor Fitzgerald CEO Howard Lutnick could help shape Trump’s new administration and regulations by vetting potential appointees to a future administration.
He has also given more than $10 million to Trump’s reelection campaign and has raised millions more, the Philadelphia Inquirer reported.
But he could have conflicts related to the crypto industry according to Politico.
It reported Wednesday that ethics lawyer Richard Painter says it would be “an invitation for trouble” for Lutnick to be involved in regulating the crypto industry.
Lutnick has supported the crypto firm Tether. The stablecoin issuer has been linked to financial scandals, according to Politico. It also claims that Lutnick has “vouched for and promoted” the company.
“To have a guy who is in the crypto industry picking financial regulators, I think, is an invitation for trouble,” Painter told the outlet.
Cantor Fitzgerald serves as a custodian for the treasuries of the stablecoin issuer.
At this summer’s Bitcoin 2024 conference, Lutnick revealed that the company “and all of its partners are a fan of Bitcoin.” He said Cantor Fitzgerald owns “a s***load” of the world’s largest digital asset by market value.
