U.S. President-elect Donald Trump wants Cantor Fitzgerald CEO Howard Lutnick — a vocal cryptocurrency enthusiast who has been stablecoin giant Tether's (USDT) Wall Street banker for years — to serve as his Commerce Secretary, not Treasury Secretary.

Having rebuilt his firm after losing hundreds of employees on 9/11, Howard Lutnick should be one of the most respected CEOs in America. Why do so many people despise him?

US President-elect Donald Trump nominated Howard Lutnick, the co-chair of his transition team, as his commerce secretary on Tuesday -- a choice set to bring a tougher stance on China from the incoming administration.