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Trump's Commerce Pick Howard Lutnick Invests in Tether, Acquiring 5% Stake

Nov 24, 2024, 02:08 AM

Howard Lutnick, President-elect Donald Trump's pick for Commerce Secretary, is deepening his ties with Tether Holdings, a controversial cryptocurrency firm. Lutnick, who leads Trump's transition team and runs the investment bank Cantor Fitzgerald, has reportedly struck a deal to invest in Tether, acquiring a 5% ownership stake. This move comes amidst investigations by U.S. authorities into Tether, a stablecoin firm, for potential money laundering activities. Lutnick's interest in cryptocurrencies, particularly Tether, is well-documented, and he is known for his lack of concern for economic inequality.