Howard Lutnick, a prominent figure and Bitcoin advocate, has been appointed as the new US Secretary of Commerce after receiving confirmation from the Senate. Lutnick, the former CEO of Cantor Fitzgerald, secured his position in President Donald Trump’s administration with a 51-45 vote in his favor.
Following his confirmation, Lutnick received congratulations from Bitcoin supporters such as Michael Saylor and Senator Cynthia Lummis. Saylor commended Lutnick for his unwavering support of Bitcoin, while Lummis expressed confidence in his ability to stimulate the economy through his new role.
As the newly appointed Secretary of Commerce, Lutnick will be responsible for overseeing the department’s economic policies, which includes managing a workforce of 50,000 employees involved in various economic activities such as data management, census operations, and weather monitoring.
One of the key areas Lutnick is expected to focus on is implementing Trump’s trade policies, including the imposition of new tariffs on imports. Despite concerns raised about tariffs potentially raising consumer prices, Lutnick has pledged to support tariffs on a country-by-country basis to promote fair trade practices.
Howard Lutnick’s resignation from Cantor Fitzgerald, a leading financial firm, was necessary to comply with government ethics rules after his appointment as Commerce Secretary. During his tenure as CEO, Cantor Fitzgerald expanded its reach into various financial sectors, including cryptocurrency, managing Tether’s US Treasury holdings and launching a substantial Bitcoin financing initiative.
A staunch advocate for Bitcoin, Lutnick has consistently championed the unrestricted trade of the digital asset, likening it to gold. He has also been critical of the lack of clear regulations surrounding digital assets in the US and has called for policies that facilitate Bitcoin’s integration into mainstream finance. Cantor Fitzgerald’s significant investment in cryptocurrency, including a 5% stake in Tether valued at about $600 million, reflects Lutnick’s commitment to the industry.
In his January confirmation hearing, Lutnick expressed support for regulating stablecoins, advocating for US dollar-backed stablecoins to be backed by US Treasuries and subject to regular audits to ensure transparency. His appointment as Commerce Secretary signals a new chapter in the relationship between the US government and the cryptocurrency industry, with Lutnick at the forefront of steering policies that shape its future.
