Cantor Fitzgerald CEO Howard Lutnick, with ties to Tether, joins Trump’s Cabinet.
Howard Lutnick Named Commerce Secretary
President-elect Donald Trump has selected Howard Lutnick, CEO of Cantor Fitzgerald, as the next Secretary of Commerce. This appointment, announced on November 19, positions a prominent cryptocurrency advocate at the helm of U.S. business policies.
Role and Qualifications
As commerce secretary, Lutnick will shape U.S. business initiatives domestically and internationally. Currently co-leading Trump’s transition team, he was widely regarded as the top contender for this Cabinet role.
Lutnick’s Crypto Connections
Lutnick’s leadership at Cantor Fitzgerald has brought him close to the crypto world. Since 2021, the firm has managed Tether’s U.S. Treasury portfolio and its bond portfolio since 2023. Tether, a stablecoin issuer with a $129 billion market cap, has faced scrutiny for its financial practices. Lutnick has defended Tether, repeatedly affirming its financial health.
Bitcoin Advocacy and Business Ventures
A self-proclaimed Bitcoin fan, Lutnick announced a $2 billion Bitcoin financing business at the Bitcoin 2024 conference, showcasing his confidence in the digital asset’s potential. In January, he described Bitcoin as “not an American thing” but endorsed spot BTC ETFs as an entry point for U.S. investors.
Critique of U.S. Crypto Regulations
Lutnick has been vocal about the need for improved regulatory clarity in the U.S. crypto market. In September, he stated, “They don’t even know how to do crypto and digital at all,” highlighting the urgency of thoughtful regulatory frameworks.
Replacing Gina Raimondo
Lutnick will succeed Gina Raimondo, the current commerce secretary and former governor of Rhode Island, as Trump prepares to redefine his administration’s business and financial priorities.
Crypto Visionary in Commerce
Lutnick’s appointment as commerce secretary signals Trump’s willingness to integrate cryptocurrency expertise into his administration. His leadership could steer U.S. commerce toward a more crypto-inclusive future.
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