Originally published on: November 19, 2024
President-elect Donald Trump has made a significant decision by appointing Howard Lutnick, the CEO of Cantor Fitzgerald, as the secretary of commerce. Lutnick, known for his advocacy for cryptocurrencies, is set to take on the responsibility of advancing US business interests both at home and abroad.
The commerce secretary plays a crucial role in the Cabinet as one of the president’s key advisers. Lutnick’s involvement in the Trump transition team has positioned him as the top candidate for this important position.
Lutnick’s connection to the stablecoin issuer Tether USDT and his positive comments about Bitcoin BTC have garnered attention in the cryptocurrency community. As the head of Cantor Fitzgerald, Lutnick has overseen the management of Tether’s portfolios, raising concerns about the company’s transparency and audit practices.
Despite the controversies surrounding Tether, Lutnick has expressed confidence in its financial stability. He has also been vocal about his support for Bitcoin, emphasizing the importance of products like spot BTC ETFs for American investors.
During the Bitcoin 2024 conference, Lutnick made an exciting announcement about Cantor Fitzgerald’s plans to launch a Bitcoin financing business with a substantial lending capacity. His enthusiasm for cryptocurrencies has been evident, contrasting with his critical views on US regulatory practices.
Lutnick’s appointment as commerce secretary will see him take over from former Rhode Island Governor Gina Raimondo. With his background in finance and his advocacy for cryptocurrencies, Lutnick’s leadership in the Department of Commerce promises to bring a fresh perspective to US business interests.
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