Howard Lutnick: Tether’s Big Backer

As a seasoned researcher with years of observing and analyzing influential figures in various industries, I find Howard Lutnick to be an intriguing character worth delving into. His dual role as a prominent Wall Street figure and a key player in the crypto world, specifically his involvement with Tether and bitcoin, makes him a unique individual in this rapidly evolving landscape.

Howard Lutnick’s firm, Cantor Fitzgerald, is a prominent Wall Street bond broker and a member of an exclusive club: It’s a primary dealer that gets to trade directly with the Federal Reserve. So when Lutnick — Tether’s U.S. Treasuries dealer — said this year that Tether actually has the money it says is backing its huge USDT stablecoin, that put a final nail in the coffin of conspiracy theories claiming otherwise.

Another significant factor contributing to Lutnick’s influence is his support for cryptocurrencies, particularly Bitcoin and Stablecoins. He maintains a close association with President-elect Donald Trump, serving as a co-chair in his transition team and nominated for a role in the Commerce Department.

It isn’t certain how much influence Lutnick had on Trump’s change of stance regarding cryptocurrency (from being somewhat against it during his initial presidency to becoming fully supportive on this year’s campaign trail), but if Lutnick managed to persuade Trump with the “pro” argument, it certainly wouldn’t have done any harm.

This profile is included in our “CoinDesk’s Most Influential 2024” collection. To view all the nominees for this year, please click here.