Howard Lutnick, a prominent Bitcoin supporter and former CEO of Cantor Fitzgerald, has been confirmed as the new US Secretary of Commerce following a 51-45 Senate vote. Lutnick’s appointment marks a significant moment for the Trump administration, as he brings both his financial expertise and Bitcoin advocacy to the role.
As Commerce Secretary, Lutnick will oversee a wide range of economic policies, including the department’s 50,000 employees managing data, census operations, and weather monitoring. He is expected to implement key trade policies, such as enforcing targeted tariffs. Lutnick has expressed support for tariffs on a country-by-country basis, arguing that such measures can ensure fair trade and discourage unfair practices, dismissing concerns about potential consumer price hikes.
Lutnick’s nomination has been met with praise from Bitcoin advocates like Michael Saylor and Senator Cynthia Lummis. Saylor highlighted Lutnick’s strong commitment to Bitcoin, while Lummis expressed confidence in his potential to bolster the US economy.
Prior to his appointment, Lutnick led Cantor Fitzgerald, guiding the company through its recovery after the September 11, 2001, attacks, which tragically claimed the lives of 658 employees, including his brother. Under Lutnick’s leadership, Cantor Fitzgerald expanded into cryptocurrency, including managing Tether’s US Treasury holdings for the USDT stablecoin and launching a $2 billion Bitcoin financing initiative. Following his confirmation, Lutnick resigned from the company to comply with government ethics guidelines.
Lutnick has long been a vocal advocate for Bitcoin, equating it to gold and promoting its unrestricted trade. In a recent Bitcoin conference, he stated, “Bitcoin is like gold and should be free trade everywhere.” He has also criticized the lack of clear regulations surrounding digital assets in the US and has called for policies that support Bitcoin’s integration into mainstream finance. Additionally, he has supported regulation for stablecoins, suggesting that US dollar-backed stablecoins should be backed by US Treasuries and undergo regular audits to ensure transparency.
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