Two billionaires, including a Bitcoin player, are gearing up to lead the charge on policies and staffing decisions.
After Kamala Harris took over the Polymarket with a higher chance of winning the US elections, the CEO of Cantor Fitzgerald, Howard Lutnick decided to join hands with Trump.
Lutnick, who oversees Tether’s reserves and recently launched a $2 billion Bitcoin lending program, is now set to lead Donald Trump’s presidential transition team.
According to an Aug. 16 statement from Trump’s campaign, Lutnick will be joined by Linda McMahon, co-founder of World Wrestling Entertainment and former head of the Small Business Administration under Trump. Together, they will manage policies and staffing if Trump wins the presidency in November.
Both Lutnick and McMahon, with net worths in the billions, have been key financial backers of Trump’s campaign. Cantor Fitzgerald, known for managing Tether’s Treasury portfolio since 2021, holds significant investments in Bitcoin-focused ETFs, including $18 million in BlackRock’s iShares Bitcoin Trust, $4 million in Fidelity Wise Bitcoin Fund, $1 million in ProShares Bitcoin Strategy ETF, and $360,000 in Ark21Shares Bitcoin ETF.
Lutnick, a strong advocate for Bitcoin, made headlines at the Bitcoin 2024 conference in July by announcing the massive lending initiative. He and McMahon will co-chair the transition team alongside honorary chairs such as Ohio Senator JD Vance, and Trump’s sons, Eric and Donald Jr.
Crypto enthusiasts are excited about Lutnick’s inclusion, with Paradigm’s Alex Grieve highlighting his influence on Republican crypto policies. Meanwhile, the Trump campaign reaffirmed its commitment to opposing central bank digital currencies and defending Bitcoin mining and self-custody rights in its 2024 platform, which was shaped under the guidance of Lara Trump, the candidate’s daughter-in-law.
On the same day as the transition team announcement, Democratic candidate Kamala Harris unveiled her economic policy agenda. According to the latest crypto news, the agenda will be focusing on issues like grocery and housing costs. However, she has yet to take a clear stance on cryptocurrency, despite growing calls from her party to establish regulatory guidelines. With only 81 days until the November election, polls show Harris and Trump locked in a tight race nationwide.
