Howard Lutnick, the chairman of Cantor Fitzgerald, has announced his decision to step down from his role after being nominated as U.S. Commerce Secretary by President-elect Donald Trump. Lutnick plans to divest his interests in Cantor Fitzgerald, BGC Partners, and Newmark to comply with federal ethics rules. His resignation coincides with Cantor Fitzgerald's major $2 billion lending initiative, which aims to provide dollar loans to clients using Bitcoin as collateral. This initiative is part of Cantor Fitzgerald's growing alliance with Tether. Lutnick's departure is expected to impact Cantor's collaboration with Tether, as well as the firm's custody services for managing U.S. Treasury holdings. Lutnick's son, Brandon Lutnick, who has experience at Tether, is expected to take on a leadership role in overseeing these operations. Trump's nomination of Lutnick as Commerce Secretary is part of his focus on integrating financial innovation and digital assets into his administration, as he has expressed strong support for cryptocurrencies such as Bitcoin. Other key appointments in Trump's pro-business cabinet include Scott Bessent as Treasury Secretary and Robert F. Kennedy Jr. as Secretary of Health and Human Services. Lutnick has expressed his gratitude for the opportunity and his commitment to economic growth and innovation in his new role.



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