Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
NYT: Trump reconsiders pro-crypto choices for Treasury Secretary, slows down his selection process

NYT: Trump reconsiders pro-crypto choices for Treasury Secretary, slows down his selection process

CoinjournalCoinjournal2024/11/19 15:44
By:Coinjournal
  • Trump is now considering Kevin Warsh and Marc Rowan for the US Treasury Secretary position
  • Howard Lutnick is reportedly frustrating Trump by spending too much time with him to get himself appointed
  • A person familiar with the situation between Lutnick and Scott Bessent as a “knife fight”

President-elect Donald Trump is allegedly reconsidering his options for US Treasury Secretary, pivoting away from pro-crypto choices.

Trump is now considering former Federal Reserve governor Kevin Warsh and Wall Street billionaire Marc Rowan, according to a report from the The New York Times . Trump is expected to invite the two to Mar-a-Lago, Trump’s Florida residence, this week following internal conflict over the role.

President-elect Trump is having second thoughts about his options for Treasury Secretary and is expected to invite the top candidates to interview with him at Mar-a-Lago. Here are the latest updates. https://t.co/0fHtpa82wN

— The New York Times (@nytimes) November 18, 2024

Trump had been expected to pick either pro-crypto candidates Howard Lutnick, the CEO of Cantor Fitzgerald or Scott Bessent, the founder of Key Square Capital Management, an investment firm, and a former money manager for George Soros.

Up until yesterday morning, Polymarket, a prediction market platform, had put Bessent at an 87% chance of getting the job. However, he’s now down to 16% with Warsh taking the lead at 44% .

NYT: Trump reconsiders pro-crypto choices for Treasury Secretary, slows down his selection process image 0 US Treasury Secretary ratings on Polymarket. Source: Polymarket

Getting frustrated

According to the New York Times, Trump has expressed frustration with Lutnick, claiming he’s been hanging around the president-elect too much to get himself appointed. A person familiar with the matter described the situation between Lutnick and Bessent as a “knife fight” with Lutnick as the “primary aggressor.”

Despite this, Elon Musk , CEO of Tesla, and an influential figure in Trump’s inner circle, took to X to endorse Lutnick, adding that “Bessent is a business-as-usual choice.”

“Business-as-usual is driving America bankrupt, so we need change one way or another,” Musk said. He added that Lutnick will “actually enact change.”

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

As a result of Trump’s second thoughts, he’s slowed down the selection process even though Bessent is still under consideration. Both Lutnick and Bessent are considerably more pro-crypto compared to Warsh and Rowan.

In an essay for the American Enterprise Institute, Warsh advocated for an American central bank digital currency ( CBDC ) despite concerns over consumer privacy. Rowan, on the other hand, said in a March interview he didn’t see the “value of an alternative currency” when discussing crypto.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitcoin dips below $100,000, memecoins plummet as market responds to US tariffs

The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block2025/02/02 17:11

Ethereum Price Dips, Yet Increased Buying Activity Indicates Promising Future

Despite Bearish Trends, Increased Buying Activity Hints at Potential Breakout for Leading Altcoin, Ethereum

Coineagle2025/02/02 17:11

Overview: SOL vs ETH – Deciphering Key Aspects of the Solana-Ethereum Ratio

Untangling the SOL/ETH Dynamics: An In-Depth Look at Solana's Potential for Recovery Following Its Recent 25% Decline

Coineagle2025/02/02 17:11

Two Whales Messed Up on Two Different Altcoins – Forced to Sell at a Huge Loss on the Last Drop

According to Onchain data, two different crypto whales sold their positions after losing on two altcoins. Here are the details.

Bitcoinsistemi2025/02/02 17:00