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President-elect Donald Trump is reportedly reevaluating the suitability of pro-crypto U.S. Treasury secretary candidates Howard Lutnick and Scott Bessent due to internal disagreements regarding the position, as stated in a November 17 report by The New York Times.
Scott Bessent, Howard Lutnick Compete for Trump Cabinet Position
The publication indicated that Trump is seemingly distancing himself from the CEO of Cantor Fitzgerald and the founder of Key Square Capital Management amid rising frustrations concerning who might fill the prestigious cabinet role.
President-elect Trump is reconsidering his choices for Treasury Secretary and is anticipated to invite the leading candidates for interviews at Mar-a-Lago. Here are the latest updates. https://t.co/0fHtpa82wN
— The New York Times (@nytimes) November 18, 2024
According to an anonymous source, The New York Times claims that Lutnick has displeased Trump by excessively campaigning for the position in an effort to be favored over Bessent.
A source familiar with the matter further informed the media outlet that the situation has escalated into a figurative “knife fight” between the two contenders for the administration, with Lutnick being described as the “primary aggressor.”
Although the incoming U.S. president has met with both Bessent and Lutnick, the tensions regarding which Wall Street executive could obtain the role have led to “second thoughts” for Trump, which have reportedly “slowed down the selection process.”
In light of this, the New York-born businessman is contemplating Federal Reserve governor Kevin Warsh and Wall Street billionaire Marc Rowan for the position, both of whom are significantly less pro-crypto.
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Warsh has advocated for a Central Bank Digital Currency (CBDC). Meanwhile, Rowan stated in an interview earlier this year that he did not recognize the “value of an alternative currency” due to anti-money laundering and know-your-customer regulations.
Donald Trump Associates Advocate for Lutnick
Nonetheless, it appears Lutnick may still have a chance, as several associates of Trump and incoming administration members have recently supported him as Treasury secretary.
Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback.
My view fwiw is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.
Business-as-usual is driving America bankrupt, so we need change… https://t.co/igGLZOJ8wz— Elon Musk (@elonmusk) November 16, 2024
“Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change,” X CEO Elon Musk remarked on the platform Saturday. “Business-as-usual is driving America bankrupt, so we need change one way or another.”
“Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans, a remedy against the dollar’s decline from the world’s reserve currency, and the offramp from a devastating national debt,” RFK Jr. stated on Sunday. “Bitcoin will have no stronger advocate than Howard Lutnick.”
Trump is reportedly scheduled to meet with potential Treasury Secretary candidates later this week at his Mar-a-Lago resort and will be inaugurated on January 20, 2025.
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