Howard Lutnick Taps Sons, Top Deputies To Lead $1.6B Business After Senate Confirmation

• Howard Lutnick says he holds hundreds of millions in crypto and was one of the top donors to Donald Trumo’s campaign.
• Cantor Fitzgerald recently invested $1 billion into Strategy (MSTR) stock and holds millions in Bitcoin and Ethereum ETFs.
• Cantor Fitzgerald is reportedly one of Tether’s custodians, managing over $30 billion for the stablecoin issuer.

Bitcoin (BTC) backer and pro-crypto billionaire Howard Lutnick has been appointed as U.S. Secretary of Commerce and has placed his sons into positions of considerable power at Cantor Fitzgerald.

With deep ties to Tether and major investments in Bitcoin, the Lutnicks could soon reignite prior concerns over conflicts of interest as they position themselves front and center of the U.S. crypto revolution.

Lutnick Out, Lutnicks In

Following Lutnick’s confirmation as U.S. Secretary of Commerce, he has stepped down as Chairman and CEO of Cantor Fitzgerald L.P., the parent company of Cantor and others.

Taking his place will be his youngest son, Brandon, as chairman of the group and his eldest, Kyle, as vice chairman.

In addition, Sage Kelly, Pascal Bandelier, and Christian Wall, who lead investment banking, equities, and fixed income, respectively, will be taking over the firm’s core private brokerage and investment bank unit.

Lutnick’s sons have deep ties with crypto. Notably, the new chairman, Brandon, has worked at Cantor in corporate strategy and as a trader, working closely alongside “key” crypto client  Tether (USDT).

Interestingly, Cantor is reportedly one of Tether’s custodians, managing a portfolio worth over $30 billion.

The Bitcoin Play

Naturally, his sons’ appointments to considerably powerful positions raise concerns about conflicts of interest .

Senator Elizabeth Warren has pressed Howard Lutnick on the matter, demanding clarity on his relationship with Tether due to a lack of transparency. Even El Salvador’s Bitcoin Office showered praise on his appointment.

Lutnick himself is likely to have a significant crypto portfolio. This is perhaps evidenced by Cantor’s most recent filings with the SEC. The firm holds millions in spot BTC and Ethereum exchange-traded funds (ETFs).

Furthermore, just days ahead of his confirmation, Cantor Fitzgerald reportedly made a gigantic $1 billion investment into the stock of Bitcoin behemoth Strategy (formerly MicroStrategy), MSTR.

This is especially important considering that Lutnick is also in charge of Donald Trump’s Sovereign Wealth Fund ambitions, which many anticipate will see Bitcoin adopted into the U.S. treasury.

Now, with Howard in charge of promoting American business and industry and a new administration steadily building out a favorable pro-crypto system in the U.S., the Lutnicks and Cantor stand to benefit greatly from these developments.