In this news:
President Donald Trump continues to fuel the cryptocurrency industry, sparking major investments that are enriching his extended family and even relatives of his Cabinet.
The Cantor Fitzgerald investment firm announced a partnership Wednesday with SoftBank, Tether, and Bitfinex to launch 21 Capital. It amounts to a multibillion dollar investment in bitcoin.
Cantor Fitzgerald was formerly led by Commerce Secretary Howard Lutnick and is now led Lutnick’s sons, Brandon Lutnick who took over as chairman and Kyle Lutnick the executive vice chairman.
Tether plans to contribute $1.5 billion to the project, SoftBank $900 million, and Bitfinex $600 million all put into Bitcoin, valued at $85,000 per coin.
The vehicle was valued at $3.6 billion as 21 Capital moved to acquire 42,000 Bitcoin long-term as a capital investment.
Bitcoin spiked to over $94,000 on Wednesday the highest it has been since March.
Lutnick’s ties to the cryptocurrency industry sparked attention from Democratic Senators Elizabeth Warren of Massachusetts and Maria Cantwell of Massachusetts who raised their concerns about his ties to the cryptocurrency firm Tether his confirmation hearings.
Lutnick said he would divest from all of his business interests and assets as Secretary of Commerce, even though his sons ultimately took over leadership of his firm.
‘Upon my confirmation as Secretary of Commerce, I will faithfully execute my duties consistent with applicable government ethics laws and regulations,’ Lutnick said.
The Commerce Department did not respond to a 's request for comment.
President Donald Trump’s adult sons have also branched out into the cryptocurrency industry, purchasing significant interests in the crypto venture World Liberty Financial.
World Liberty Financial was co-founded by Zach Witkoff, the son of Trump’s special envoy Steve Witkoff.
World Liberty Financial raised more than half a billion dollars from selling a digital token pegged to the US dollar, known as stablecoins.
The Trumps also took a minority stake in bitcoin producer American Bitcoin.
Bitcoin and digital currencies continue to do well in the Trump administration after the president vowed to be the ‘crypto-president’ during the presidential campaign with the goal of making the United States the ‘crypto capital of the world.’
Trump named former PayPal executive David Sacks his official ‘crypto czar’ and held a meeting in March to promote the use of digital assets and investments.
In March, Trump signed an executive order to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile, helping stabilize the industry.
‘Bitcoin, the original cryptocurrency, is referred to as “digital gold” because of its scarcity and security, having never been hacked,’ the White House announced, revealing that Trump’s order ‘harnesses the power of digital assets for national prosperity, rather than letting them languish in limbo.’
Trump hosted an event at the White House to mark the occasion with Sacks, Treasury Secretary Scott Bessent, Commerce Secretary Lutnick, to promote cryptocurrency.
The Biden administration, he reminded the audience worked to smother the crypto industry, as federal regulators worked to close accounts, block money transfers, and force banks to divest from the asset.
‘They weaponized government against the entire industry,’ Trump remarked.
He added: ‘My administration also is working to end the federal bureaucracy’s war on crypto, which was really going on pretty wildly during Biden, until the election came about.’
.png)
