Howard Lutnick’s Appointment as Secretary of Commerce: A Boost for Bitcoin Advocates
Howard Lutnick – The U.S. Senate has confirmed Howard Lutnick, a notable crypto-friendly figure and CEO of Cantor Fitzgerald, as the 41st Secretary of Commerce. The confirmation, which took place on Tuesday, passed with a 51 to 45 vote. Lutnick’s confirmation marks a significant move for the U.S. Commerce Department, given his strong ties to financial services and cryptocurrency.
Lutnick’s Role as Secretary of Commerce
As Secretary of Commerce, Lutnick is expected to focus on job creation, economic growth, and fostering innovation. He will also work in support of Trump’s trade agenda, which includes promoting steep import taxes on goods from U.S. trading partners. Lutnick, however, dismissed concerns about tariffs contributing to inflation during his confirmation hearings. He emphasized the strategic use of tariffs as a tool to pressure other nations to reduce barriers to U.S. exports.
Background and Industry Influence
Lutnick has served as the chairman and CEO of Cantor Fitzgerald, a global financial services firm he joined in 1983. Following his confirmation, Lutnick announced his resignation from his leadership positions at Cantor. In line with U.S. government ethics rules, Lutnick has agreed to divest his business interests in Cantor Fitzgerald, BGC Group, and Newmark Group.
Cantor Fitzgerald has also been linked to Tether (USDT), the world’s largest stablecoin with a market capitalization of $141.7 billion. Lutnick has publicly supported Tether on several occasions, including at the Bitcoin 2024 conference, where he affirmed that USDT is fully backed by reserves in U.S. Treasuries, Bitcoin, and gold.
Support for Bitcoin and Tether
Lutnick is also an advocate for Bitcoin and has been vocal about its potential as a global asset, likening it to gold. He previously revealed that both Cantor Fitzgerald and himself personally own Bitcoin. During the Senate Commerce Committee hearing, Lutnick defended Tether against concerns about its reserves and involvement in illicit finance.
Notable Bitcoin proponents, such as MicroStrategy’s Michael Saylor and Senator Cynthia Lummis, have congratulated Lutnick on his confirmation. Lummis expressed confidence in his ability to reinvigorate the U.S. economy.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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