Bitcoin Supporter Howard Lutnick Confirmed as US Commerce Secretary

Howard Lutnick, a longtime advocate of Bitcoin and former CEO of Cantor Fitzgerald, has been confirmed as the new US Secretary of Commerce. The Senate approved his nomination in a 51-45 vote, securing his position in President Donald Trump’s administration.

Following the confirmation, Bitcoin supporters, including Michael Saylor and Senator Cynthia Lummis, congratulated Lutnick. Saylor noted Lutnick’s strong backing of Bitcoin, while Lummis expressed confidence in his ability to boost the economy.

US Senate Confirms Howard Lutnick as Commerce Secretary

The Senate has confirmed Howard Lutnick as the Secretary of Commerce with a 51-45 vote, making him responsible for overseeing the department’s economic policies. The department has 50,000 employees managing economic data, census operations, and weather monitoring.

Lutnick is expected to implement Trump’s trade policies, including new tariffs on imports. During his confirmation hearing, he dismissed concerns about tariffs raising consumer prices and supported imposing tariffs on a country-by-country basis to encourage fair trade.

Trump’s administration has already introduced 10% tariffs on Chinese imports and increased taxes on steel and aluminum.  However, plans for a 25% tariff on Canadian and Mexican goods are currently delayed until March 4.

Lutnick’s Resignation from Cantor Fitzgerald

Before his appointment, Howard Lutnick was the CEO of Cantor Fitzgerald, a major financial firm. He led the company through its recovery after the September 11, 2001, attacks, which took the lives of 658 employees, including his brother.

Under his leadership, Cantor Fitzgerald expanded into various financial sectors, including cryptocurrency. The firm managed Tether’s US Treasury holdings backing the USDT stablecoin and launched a $2 billion Bitcoin financing initiative.

Following his confirmation, Lutnick resigned from Cantor Fitzgerald and divested his business holdings to comply with government ethics rules.

Bitcoin and Stablecoins Support

Howard Lutnick has been a vocal supporter of Bitcoin, comparing it to gold and advocating for its unrestricted trade. At a Bitcoin conference earlier this year, he stated, “Bitcoin is like gold and should be free trade everywhere.”

He has criticized the lack of clear regulations for digital assets in the US and pushed for policies that promote Bitcoin’s integration into mainstream finance. Cantor Fitzgerald’s investment in cryptocurrency, including a 5% stake in Tether worth about $600 million, reflects his commitment to the industry.

In his confirmation hearing in January, Lutnick also supported regulating stablecoins. He argued that US dollar-backed stablecoins should be backed by US Treasuries and subject to regular audits to ensure transparency.