Senate Appoints Howard Lutnick as Secretary of Commerce

Howard Lutnick’s nomination has resonated powerfully within both the established financial world and the burgeoning crypto community, thanks to his openly pro-crypto position. We reported earlier on our site that Trump had tapped Lutnick to serve as Secretary of Commerce.

During his testimony before the Commerce Committee, Lutnick pushed back against the claim that tariffs lead to higher inflation. He emphasized that tariffs might be used as a strategic lever to reduce trade barriers imposed by other nations—an approach that aligns with the administration’s earlier focus on aggressive trade measures designed to boost domestic production.

The appointment has been warmly embraced by key crypto advocates, including Senator Cynthia Lammis, who offered her congratulations and voiced high expectations for a renewed U.S. economic policy.

Before his appointment, Lutnick steered the helm at Cantor Fitzgerald—a venerable global financial institution where he began his journey in 1983 and ascended to the positions of Chairman and CEO. In keeping with U.S. government ethics standards, upon confirmation he relinquished his leadership roles at his business ventures, including BGC Group, Inc. and Newmark Group, Inc.

Deeply passionate about cryptocurrencies, the new minister took the stage at Bitcoin-2024 in Nashville, proclaiming his admiration for Bitcoin—comparing it to gold and insisting that it ought to be freely tradable across the globe.

As he embarks on his new mandate, he is set to drive the modernization of the national economy and foster innovation in a broad range of sectors.