Donald Trump Nominates Pro-Bitcoin CEO Cantor Fitzgerald as Commerce Secretary

President-elect Donald Trump has selected Howard Lutnick, chairman and CEO of Cantor Fitzgerald and prominent cryptocurrency advocate, to serve as the next United States Secretary of Commerce.

In the year The announcement was made by Trump on November 19, followed by Lutnick's acknowledgment of the appointment on social media.

Details of the appointment

“I am very pleased to announce that Howard Lutnick will join my administration as the United States Secretary of Commerce,” Trump said in a statement.

The communique explained Lutnick's responsibilities and emphasized that he will play an important role in advancing the president's economic and trade agenda. This includes directing the administration's tariff and trade policies and overseeing the office of the United States Trade Representative.

The president-elect praised his leadership as co-chairman of the Trump-Vance transition team, describing the system he developed as helping to assemble “the greatest administration America has ever seen.”

In a post on X, Lutnick expressed his gratitude: “President Trump, thank you for showing up to me to help make America great again. The businessman added that as the new Secretary of Commerce, he will join the best administration in American history and work to unleash the country's full economic potential.

Bitcoin and Tether Advocacy

Trump's transition team has been in talks with crypto leaders and has expressed interest in appointing crypto-friendly people to key financial oversight positions. Lutnik's nomination is seen as a step forward in this initiative, and it seems to be particularly important for the cryptocurrency sector. The CEO has long advocated for Bitcoin and stablecoins.

In a recent Fox Business interview, the 63-year-old urged US regulators to classify bitcoin as a commodity, similar to gold or oil. He has also supported Tether in previous interviews.

“Bitcoin is a commodity. It should be treated like gold and oil. It's just a commodity.”

Lutnick is chairman and CEO of Cantor Fitzgerald, which acts as a prime dealer that trades directly with the Federal Reserve. The company expanded its operations to include cryptocurrency services. USDT manages the US Treasury holdings of Tether, which backs the stablecoin.

Recently, the company launched a $2 billion Bitcoin financing initiative. In his closing remarks at the 2024 Bitcoin Conference, the CEO said the organization welcomes “Bitcoin to the global financial market as a member of the financial family.”