Key Takeaways
- Howard Lutnick confirmed as U.S. Commerce Secretary in 51-45 vote.
- Lutnick supports Bitcoin, stablecoins, and stronger digital asset policies.
- He backs Trump's tariffs, arguing they protect U.S. businesses from foreign trade policies.
Howard Lutnick, a strong advocate for Bitcoin and digital assets, has been confirmed as the U.S. Secretary of Commerce following a 51-45 Senate vote on February 18.
Lutnick, formerly the CEO of Cantor Fitzgerald, has long supported Bitcoin, stablecoins, and clearer regulations for digital assets.
Digital asset leadership
During his leadership at Cantor Fitzgerald, the firm managed Tether’s U.S. Treasury reserves and launched a $2 billion Bitcoin financing program.
At the Bitcoin 2024 conference, Lutnick defended Tether’s reserves, emphasizing their backing by Bitcoin, gold, and U.S. Treasuries.
Crypto policy views
Lutnick supports the idea that Bitcoin should be…
… free to trade everywhere in the world, like gold.
He has also called for U.S. dollar-backed stablecoins to be fully backed by U.S. Treasuries and subject to regular audits.
Trade policy stance
Beyond digital assets, Lutnick aligns with former President Donald Trump’s trade policies, backing higher tariffs on imports.
He dismissed concerns that tariffs contribute to inflation, calling such arguments “nonsense.”
With tariffs on Chinese goods already set at 10% and a 25% tariff on Canadian and Mexican imports delayed until March 4, Lutnick will play a key role in shaping trade policies.
Industry reaction
Bitcoin proponents, including Michael Saylor and Senator Cynthia Lummis, praised his confirmation.
Lummis stated:
I know he will do a fantastic job reinvigorating our economy.”
However, some economists warn that his pro-tariff stance could harm trade relations and raise consumer costs.
