This week, Donald Trump nominated Cantor-Fitzgerald CEO Howard Lutnick for the position of Secretary of Commerce.
We highlighted Lutnick’s remarks about bitcoin in the September edition of Forward Guidance. At the time, the CEO noted that traditional finance players — including banks and brokerages — would “go headfirst into bitcoin” When the regulatory environment improves
Trump’s election victory has set up the situation, given his crypto-promises (namely, “firing” Gary Gensler (Chairman of Securities and Exchange Gary Gensler)
Lutnick said in a September X video that bitcoin adoption will proliferate once banks can more freely clear, custody and transact in bitcoin — a reality hindered by the SEC’s Staff Accounting Bulletin (SAB) 121.
Lutnick’s firm has stablecoin issuer Tether as a client — a company that has denied being under federal investigation.
Reports this week suggested that Trump could appoint a crypto-czar, and form a council for crypto under the National Economic Council of the White House.
Kristina Smit, the CEO of Blockchain Association, has said that she will be looking for candidates to fill two additional roles.
Gensler announced this week that he will step down as SEC chairman on January 20.
Blockstream, the bitcoin infrastructure technology firm, appointed Sean Bill – a hedge fund veteran – as its chief executive officer.
Bill, the former CIO of Prime Meridian Capital Management is now set to head Blockstream’s newly formed asset management division.
Bitcoin financial products are being developed by the company, including a bitcoin fund that will act as a money market for BTC investors and a USD fund that will provide lending opportunities with bitcoin-backed loan income.
Wintermute Asia announced this week it will double its Asia Pacific headcount after opening a new HQ in Singapore.
Wintermute Group’s digital asset derivatives division announced Monday it was now trading in digital assets. “actively hiring for top-of-the-funnel roles that are critical to scaling its operations.”
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