Donald Trump Taps Crypto Advocate Lutnick As Commerce Secretary

US President Donald Trump has tapped Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce. Howard Lutnick is known for being an advocate of cryptocurrencies, so his appointment will welcome a fresh perspective on the policies of U.S. commerce. He will be in charge of improving both domestic and international businesses, and he fills a financial point to the Cabinet of the elected president.

Lutnick is known to have significant ties with cryptocurrencies. Cantor Fitzgerald, who he led, has handled Tether's US Treasury and Bond portfolios since 2021 and 2023, respectively. In spite of criticism regarding Tether's lack of full financial transparency, Lutnick has publicly demonstrated support for the health of the stablecoin. He also considers Bitcoin a worldwide innovation and once announced a USD 2 billion Bitcoin financing deal at the Bitcoin 2024 conference.

One such challenge is Lutnick's criticism of the current oversight in the U.S. regulators. He has argued that the current oversight lacks understanding of digital assets and should have better policies. The appointment may be seen as a shift toward a more crypto-friendly approach in federal strategies. Lutnick replaces Gina Raimondo in this key role.

Shaquille O'Neal Settles USD 11 Million Astrals NFT Lawsuit

Shaquille O'Neal, the NBA legend, has settled a class-action lawsuit brought against him over his promotion of the Astrals NFT project by agreeing to a USD 11 million settlement. The class-action lawsuit arose from allegations that O'Neal's endorsements misled investors concerning the sustainability of the project.

Astrals NFTs, one of 10,000 digital collectables tied to a virtual social world, saw increased popularity due to O'Neal's association. However, when the asset slipped, investors suffered losses and hence took legal recourse. O'Neal denied allegations that he distanced himself from the project after its failure at the hands of the plaintiffs.

The settlement comes as the NFT market recovers, reporting USD 356 million in sales for October after months of decline. O'Neal's case brings into focus the increased accountability of celebrities while endorsing digital assets.

Coinbase to Delist Wrapped Bitcoin Amid Competition

Coinbase will delist Wrapped Bitcoin (WBTC) on December 19 due to its failure to meet listing standards. WBTC was the most popular Bitcoin wrapper with USD 13 billion in total value locked (TVL). It lets other blockchains utilize Bitcoin but has had problems with transparency.

Interestingly, this comes as Coinbase Wrapped BTC (cbBTC), its main competitor, has added USD 1.4 billion in TVL since September. The move attracted criticism from WBTC's team, which promised compliance and called for reconsideration.

The delisting is the outcome of the accusations of mismanagement associated with WBTC's related projects. Adding proof of reserves for cbBTC is part of Coinbase's intentions to gain confidence in its products. The effort thus represents a growing competition in Bitcoin tokenization.