Howard Lutnick, A Bitcoin Advocate, Appointed As U.S. Secretary Of Commerce

Howard Lutnick, the ex-CEO of Cantor Fitzgerald and a vocal supporter of Bitcoin, secured Senate affirmation for the function of commerce secretary with a 51-45 vote on Tuesday. This positions him to spearhead President Donald Trump’s commerce initiatives on the Division of Commerce.

In his capability as commerce secretary, Lutnick will handle 50,000 workers who’re accountable for financial statistics, census processes, and climate reporting. He’s anticipated to work intently with commerce negotiator nominee Jamieson Greer to advance Trump’s import taxation plans.

Throughout his affirmation proceedings, Lutnick dismissed worries relating to the inflationary results of tariffs as “nonsense” and advocated for broad tariffs to be utilized “nation by nation” to compel nations to decrease limitations towards US exports.

This affirmation arrives alongside Trump’s unveiling of plans for “reciprocal” tariffs geared toward reciprocating different nations’ elevated tax charges on US items. The administration has already instituted a ten% tariff on Chinese language imports and escalated taxes on international metal and aluminum, with threats of 25% tariffs on Canadian and Mexican merchandise, presently postponed till March 4.

Lutnick efficiently guided Cantor Fitzgerald by way of restoration efforts after the September 11, 2001, assaults, which resulted within the lack of 658 of the corporate’s workers, together with his brother. He’s additionally on the Board of Administrators for the Nationwide September 11 Memorial & Museum.

A Advocate for Bitcoin and Stablecoins

Lutnick is a staunch supporter of Bitcoin. The 63-year-old entrepreneur has constantly proven admiration for Bitcoin, likening it to gold and selling its unrestricted international commerce.

“Bitcoin is akin to gold and must be freely traded worldwide,” Lutnick remarked at a Bitcoin convention earlier this 12 months. “We’ll attempt to facilitate this.”

Lutnick perceives Bitcoin as a restricted and valuable asset. Underneath his steerage, Cantor Fitzgerald launched initiatives, similar to a $2 billion Bitcoin financing undertaking, reflecting his dedication to incorporating cryptocurrency inside conventional finance. Final 12 months, Lutnick publicly expressed his choice for Bitcoin in a CNBC podcast, asserting that different cash “are simply not important.”

He has critiqued the regulatory ambiguity surrounding digital belongings within the US and pushes for clear insurance policies to favor the mainstream acceptance of Bitcoin amongst monetary establishments.

Lutnick additionally endorses varied crypto developments, together with USDT and USDC stablecoins.

Cantor Fitzgerald manages Tether’s US Treasury belongings which again its USDT stablecoin and has just lately initiated a $2 billion Bitcoin financing program. The agency notably acquired a 5% share in Tether valued at roughly $600 million, as reported by the Wall Avenue Journal.

After his affirmation, Lutnick stepped down as Chairman and CEO of Cantor Fitzgerald, promoting his enterprise pursuits to satisfy authorities moral requirements.