- President-elect Donald Trump has selected Howard Lutnick, CEO of Cantor Fitzgerald, as his nominee for Commerce Secretary
- Lutnick has previously volcalized his support for Bitcoin and Tether
- His appointment is expected to play a significant role in implementing Trump’s proposed tariffs on imports
President-elect Donald Trump has chosen Howard Lutnick, the CEO of Cantor Fitzgerald and co-chair of his transition team, as his nominee for Commerce Secretary. Initially a contender for Treasury Secretary, Lutnick’s nomination reflects his longstanding relationship with Trump and his anticipated involvement in executing the administration’s trade policies, particularly the proposed tariffs on imports. Lutnick has previously revealed his support for Bitcoin and Tether, meaning that Trump seems to be sticking to his word over his pro-crypto stance.
Lutnick Falls From Grace
Howard Lutnick, a prominent figure on Wall Street, has been a close ally of Donald Trump, co-chairing his transition team alongside Linda McMahon. While he was initially considered for the role of Treasury Secretary, reports indicate that hedge fund manager Scott Bessent has emerged as the leading candidate for that position.
Elon Musk, CEO of SpaceX and Tesla, had publicly supported Lutnick for Treasury Secretary, stating that he “will actually enact change,” contrasting him with Bessent, whom Musk described as a “business-as-usual choice.”
As Commerce Secretary, Lutnick is expected to be instrumental in implementing Trump’s proposed tariffs on imported goods. The Commerce Department oversees various functions, including regulating ocean navigation and managing export controls, placing it at the center of the U.S.-China technological competition. Lutnick’s appointment aligns with Trump’s vision of bringing manufacturing jobs back to the U.S. and promoting the adoption of cryptocurrency.
Wall Street Baron
Lutnick is best known for leading Cantor Fitzgerald through the aftermath of the September 11, 2001, terrorist attacks, which claimed the lives of 658 employees, including his brother; his resilience and leadership during that period have been widely recognized. Since 2021, Cantor Fitzgerald has helped Tether manage the tens of billions of dollars’ worth of U.S. Treasuries that back its USDT stablecoin. Cantor Fitzgerald also recently announced a bitcoin financing business — aimed at providing leverage to bitcoin investors — with $2 billion of initial funding.
Fitzgerald has also called himself “a fan of crypto” in a podcast last year, specifically Bitcoin, calling other coins “just not a thing.” He added, “I’m a big fan of this stablecoin called tether,” which has hardly a surprise given his association with it.
Lutnick has argued bitcoin should be treated as a commodity — meaning it would face less regulation than, say, stocks or bonds — and is superior to other cryptocurrencies given its lack of central authority and censorship-resistant properties.
