Howard Lutnick, CEO of Cantor Fitzgerald and head of Donald Trump's transition team, is reportedly facing internal criticism over alleged conflicts of interest regarding his activities during the campaign.
Concretely, the concerns revolve around Lutnick is using his role to advance his business interests rather than the campaign's, potentially compromising the integrity of a future Trump administration.
Two individuals close to Trump told POLITICO the former president has been made aware of the situation, which include Lutnick sidelining aides from the first Trump administration in favor of new figures who might benefit his personal interests. Speculation has grown that Lutnick could be demoted or required to report to another Trump loyalist as a result.
I’ve gone to the top 150 Republicans in the country and their message is simple: we’re here to help. These are the best people driven by public service and commitment to President Trump’s mission. In 13 days, we will reelect President Trump, then the work begins. pic.twitter.com/vqL1DX1YMs
— Howard Lutnick (@howardlutnick) October 22, 2024
The most serious accusations involve Lutnick's dual roles. He has allegedly held transition-related meetings on Capitol Hill while also discussing matters related to Cantor Fitzgerald, including regulatory issues affecting its cryptocurrency operations. Critics argue that such activities create the appearance of a conflict of interest, even if they do not violate the law.
Lutnick's connections to cryptocurrency have also drawn scrutiny. His firm manages assets for stablecoin Tether at a time when Trump is advocating for the U.S. to become the "crypto capital of the planet." Former White House ethics lawyer Richard Painter told POLITICO that placing someone with crypto ties in charge of financial regulatory appointments is "an invitation for trouble."
Lutnick's allies argue that the conflict-of-interest allegations are a distraction from the real dispute—whether former Trump officials associated with Project 2025 will have roles in a second administration. Despite the criticism, Lutnick remains close to Trump, and Donald Trump Jr. has publicly defended him.
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