Key Takeaways
- Donald Trump names Bitcoin advocate Howard Lutnick as commerce secretary.
- Lutnick's Cantor Fitzgerald manages Tether's Treasury and bond portfolios.
- Lutnick announced a $2 billion Bitcoin financing initiative at Bitcoin 2024.
President-elect Donald Trump has tapped Howard Lutnick, CEO of Cantor Fitzgerald, as the next U.S. commerce secretary.
The announcement on Nov. 19 highlights Lutnick’s role as a staunch Bitcoin proponent and his financial firm’s ties to Tether, the largest stablecoin by market capitalization.
Cantor Fitzgerald and Tether
Lutnick has led Cantor Fitzgerald since 1996, and under his leadership, the firm has managed Tether’s U.S. Treasury and bond portfolios since 2021 and 2023, respectively.
Tether’s $129 billion market cap has drawn scrutiny over its accounting practices, but Lutnick has consistently expressed confidence in its financial stability.
Bitcoin advocacy and business ventures
An enthusiastic supporter of Bitcoin, Lutnick has made notable statements on its global significance.
Speaking at the Bitcoin 2024 conference, he announced Cantor Fitzgerald’s plans to launch a Bitcoin financing business with $2 billion in lending capital.
Trump also attended the event, signaling alignment with Lutnick’s Bitcoin stance.
Regulatory concerns
Lutnick has criticized U.S. regulators for their lack of clarity on digital assets.
In a September Fox News interview, he emphasized the need for regulatory understanding, saying:
They don’t even know how to do crypto and digital at all.
Lutnick will replace Gina Raimondo in heading the Commerce Department, tasked with promoting U.S. business growth.
