Howard Lutnick, former CEO of Cantor Fitzgerald and a well-known Bitcoin advocate, has officially been confirmed as the new US Secretary of Commerce.
The Senate approved his nomination with a 51-45 vote, placing him in a key position within President Donald Trump’s administration.
Congratulations to our new Secretary of Commerce Howard Lutnick!
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Following the confirmation, several Bitcoin supporters, including Michael Saylor and Senator Cynthia Lummis, congratulated Lutnick.
Saylor highlighted Lutnick’s long-standing support for Bitcoin, while Lummis expressed optimism about his role in driving economic growth.
As Commerce Secretary, Lutnick will oversee the department’s economic policies, which include managing data, conducting the national census, and overseeing weather monitoring through its 50,000 employees.
He is also expected to play a key role in Trump’s trade strategy, which includes imposing tariffs on imports.
During his confirmation hearing, he dismissed concerns about rising consumer prices due to tariffs and argued that a case-by-case approach to trade duties would ensure fair competition.
The Trump administration has already implemented a 10% tariff on Chinese imports, along with higher taxes on steel and aluminum.
However, the proposed 25% tariffs on Canadian and Mexican goods have been postponed until March 4.
Howard Lutnick: from Wall Street to Washington
Before his appointment, Lutnick led Cantor Fitzgerald, a major financial firm.
He played a crucial role in rebuilding the company after the September 11, 2001, attacks, which claimed the lives of 658 employees, including his brother.
JUST IN: Senate has confirmed Howard Lutnick as Commerce Secretary, 51 to 45.
Lutnick lost over 650 friends, family members & employees in the attack on the World Trade Center on Sept 11, 2001.
This is one of the most powerful stories you’ll ever hear.
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Under his leadership, Cantor Fitzgerald expanded its footprint into various financial sectors, including cryptocurrency.
The firm managed Tether’s US Treasury holdings backing the USDT stablecoin and spearheaded a $2 billion Bitcoin financing initiative.
Following his confirmation, Lutnick stepped down from his role at Cantor Fitzgerald and divested his business interests to comply with government ethics regulations.
Howard Lutnick’ support for Bitcoin and stablecoin
Lutnick has been a vocal proponent of Bitcoin, likening it to gold and advocating for its free trade globally.
Speaking at a Bitcoin conference earlier this year, he stated, “Bitcoin is like gold and should be freely traded everywhere.”
Howard Lutnick: “Traditional financial service companies want to transact in #Bitcoin, but they need the regulator to say it’s okay.”
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He has also criticized the lack of regulatory clarity surrounding digital assets in the US and pushed for policies that integrate Bitcoin into mainstream finance.
Cantor Fitzgerald’s cryptocurrency investments, including a 5% stake in Tether valued at approximately $600 million, reflect his commitment to the industry.
During his January confirmation hearing, Lutnick voiced support for stablecoin regulations, emphasizing that US dollar-backed stablecoins should be backed by US Treasuries and undergo regular audits to maintain transparency.
With Lutnick now in a key economic leadership role, Bitcoin advocates are hopeful that the US will adopt a more favorable stance toward cryptocurrency and digital asset regulations.
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