Pro-Crypto Financier Howard Lutnick Confirmed as U.S. Secretary of Commerce

The U.S. Senate has confirmed Howard Lutnick as the 41st Secretary of Commerce, marking a significant shift in American trade and economic policy with a pro-crypto financier at the helm. Lutnick’s confirmation was sealed with a 51-45 vote on Tuesday, February 18.

A Proponent of Cryptocurrency

Lutnick, the former CEO of Cantor Fitzgerald, has been a strong advocate for Bitcoin (BTC) and Tether (USDT). He has publicly stated that Bitcoin “should be free to trade everywhere in the world,” drawing parallels with gold. Additionally, Lutnick has defended Tether’s USDT reserves, asserting that they are fully backed by gold, Bitcoin, and U.S. Treasuries.

During his Senate confirmation hearing, Lutnick addressed concerns about the role of stablecoins in illegal funding, pushing back against critics. His appointment may influence a change in the Commerce Department’s stance on digital assets, particularly in light of the SEC’s ongoing review of applications for staking in Ethereum ETFs.

Implications for Cryptocurrency and Trade Policy

Lutnick’s confirmation is expected to benefit both crypto enthusiasts and President Trump’s broader economic objectives. However, his pro-tariff position may exacerbate tensions with U.S. trading partners, potentially leading to new trade negotiations.

Some key points to consider about Lutnick’s appointment:

  • He has been a strong advocate for Bitcoin and Tether.
  • His pro-tariff position may worsen tensions with U.S. trading partners.
  • He will lead a department of over 50,000 workers, managing trade policies, technological exports, and economic regulations.

As Secretary of Commerce, Lutnick will play a crucial role in shaping American trade and economic policy. His stance on cryptocurrency and trade tariffs will be closely watched by crypto enthusiasts and economists alike.

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