Howard Lutnick, a well-known Bitcoin supporter and former CEO of financial services firm Cantor Fitzgerald, has been confirmed as the new US Secretary of Commerce by the Senate with a 51-45 vote on February 18.
Lutnick’s appointment puts a strong pro-Bitcoin voice in Washington. He’s been a Bitcoin and stablecoin supporter for years and believes Bitcoin should be “free to trade everywhere in the world, like gold”. His views will have a big impact on US trade and digital asset policy.
Lutnick has been a Bitcoin advocate for years. Under his leadership, Cantor Fitzgerald managed Tether’s US Treasury reserves and launched a $2 billion Bitcoin financing program.
At the Bitcoin 2024 conference, he defended Tether’s USDT reserves saying they’re fully backed by bitcoin, gold, and US Treasuries. He also pushed back against claims of stablecoins being used for illegal activities.
Related: Tether Bitcoin Address Now 7th Richest After $600M Purchase
Lutnick believes Bitcoin should be widely accepted and supports clearer regulations for stablecoins. During his Senate confirmation hearing he said US dollar backed stablecoins should be backed by US Treasuries and subject to regular audits to maintain transparency.
Beyond digital assets, Lutnick is also a big supporter of Donald Trump’s trade policies. He’s defended higher tariffs on imports saying they don’t cause inflation but instead protect American businesses.
During his confirmation hearing he dismissed claims about tariffs increasing consumer prices, calling those arguments “nonsense”. He supports a country-by-country approach to tariffs, meaning the US would adjust import taxes based on each country’s trade policies.
Trump’s administration has already imposed 10% tariffs on Chinese imports and increased taxes on steel and aluminum. A 25% tariff on Canadian and Mexican goods has been delayed until March 4. Lutnick will play a big role in shaping how these policies move forward.
Before joining the government, Lutnick was the longtime CEO of Cantor Fitzgerald, a financial firm with deep ties to the Bitcoin industry.
To comply with US government ethics rules, Lutnick resigned from his position at Cantor Fitzgerald and divested his business holdings. The firm was a custodian of Tether’s reserves and even held a 5% stake in Tether worth approximately $600 million.
Lutnick led Cantor Fitzgerald through its recovery after 9/11 when 658 employees were killed including his brother. He is also on the Board of Directors for the National 9/11 Memorial & Museum.
Lutnick’s confirmation has brought reactions from the digital asset community and economic experts.
Bitcoiners, including Michael Saylor and Senator Cynthia Lummis, are in favor. Lummis posted on X, “I know he will do a fantastic job reinvigorating our economy.”
But some economists are concerned about his pro-tariff stance. Critics argue tariffs will cost American consumers and damage relationships with trading partners.
As Secretary of Commerce, Lutnick will oversee 50,000 employees who are responsible for economic data, census operations and trade regulations. His leadership will impact US trade negotiations and digital asset policy in the coming years.
