Bessent Vs. Lutnick: Musk & RFK Push For Pro-Crypto Treasury Secretary While Bass Backs Rumored Favorite

Two camps have emerged between top contenders for President-elect Donald Trump’s next Treasury secretary.

On one side, Elon Musk and RFK Jr. are pushing for Howard Lutnick, with Musk praising the Cantor FItzgerald CEO as a disruptor compared to Key Square Group (and George Soros protégé) Scott Bessent – the latter of whom met with Trump on Friday, and has the backing of many including noted investor Kyle Bass.

“Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury,” said Bass in a Wednesday post on X. “Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with. Markets have already anticipated a Bessent choice. Lutnick is not Trump’s answer.”

In response, RFK Jr. suggested that Lutnick – who is currently working as co-chair of Trump’s transition team, would be a strong advocate for Bitcoin – which he described as “a hedge against inflation for middle class Americans,a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt.”

Bitcoin is the currency of freedom , a hedge against inflation for middle class Americans,a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnik.

— Robert F. Kennedy Jr (@RobertKennedyJr) November 16, 2024

Musk suggested more people weigh in on the decision, but said he views Bessent as “a business-as-usual choice,” while 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

According to Bloomberg, the choice is ‘creating tension and increasing the chance that another candidate rises up,’ citing anonymous people familiar with the decision making.

Trump himself has appeared frustrated with the infighting and staff are looking for alternatives, with Robert Lighthizer, Senator William Hagerty and Apollo Global Management Inc. Chief Executive Officer Marc Rowan among the names in the mix.

Lutnick was a key support to Trump’s fundraising in the final months of the campaign and he has helped lead the team’s transition to the presidency. Because of that, some key advisers are looking at what else Lutnick might take — if not Treasury — such as a plum ambassadorship, according to people familiar with the decision. -Bloomberg

That said, Lutnick previously donated to both Hillary Clinton in 2015 and Kamala Harris’ Senate campaign in 2016, among others.

Ultimately, the choice is up to Trump – who hasn’t shared his opinion in public.