Trump Picks Pro-Crypto Howard Lutnick as Commerce Secretary
President-elect Donald Trump nominated Howard Lutnick, a pro-crypto billionaire and prominent figure on Wall Street, as the Secretary of Commerce.
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President-elect Donald Trump nominated Howard Lutnick, a pro-crypto billionaire and prominent figure on Wall Street, as the Secretary of Commerce.
In the statement, Trump mentioned that Lutnick will lead the government’s tariff and trade agenda, with additional direct responsibility for the Office of the United States Trade Representative.
Howard Lutnick is known as a long-time crypto advocate. His investment firm, Cantor Fitzgerald, provides custody for the Tether stablecoin (USDT). Lutnick has previously stated that the dollar-pegged stablecoin is backed by the reserves they assure they have.
He has also shown strong support for Bitcoin. During the Bitcoin-2024 Conference in Nashville, Lutnick said he’s a big fan of Bitcoin, calling it “like gold” and stating it should be traded freely everywhere in the world.
Cantor Fitzgerald CEO urged regulators to classify Bitcoin as a commodity, similar to gold and oil. In an interview with FOX Business in September 2024, Lutnick expressed concerns over the Biden Administration’s approach to crypto, saying the government was unable to grasp the industry’s importance.
At the same time, he stated that he believes Bitcoin is different from other digital assets and should be considered a commodity. His stance on other cryptocurrencies, apart from Bitcoin and Tether, remains unclear.
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