Howard Lutnick, known for his pro-Bitcoin and pro-tariff views, has been appointed as the US Commerce Secretary. This move may significantly alter current US trade and cryptocurrency policies.
Confirmation of Howard Lutnick's Appointment
Howard Lutnick's appointment as the US Commerce Secretary came as no surprise to many following the country's political developments. In November 2024, Donald Trump had already expressed his intention to nominate Lutnick for the position. Lutnick played a crucial role in the Republican election fundraising process during both the 2020 and 2024 presidential campaigns. Following his confirmation, Lutnick stepped down from his roles at Cantor Fitzgerald to comply with government ethical requirements.
Lutnick's Trade and Tariff Policy
Before his appointment, Lutnick supported the aggressive import tax strategy proposed by Donald Trump. During his confirmation hearing, Lutnick vigorously defended Trump's tariff strategy, dismissing concerns about the inflationary impact of tariffs. Recently, the Trump administration imposed a 10% tariff on China, leading to a 15% counter-tariff on selected US goods by Beijing.
Lutnick's Bitcoin and Crypto Advocacy
Lutnick's appointment, known for his pro-Bitcoin stance, has excited crypto enthusiasts, particularly in the Bitcoin community. At a recent Bitcoin conference, Lutnick stated: "Bitcoin is like gold and should be free trade everywhere." Under his leadership, Cantor Fitzgerald was active in crypto initiatives, purchasing a 5% stake in Tether.
Howard Lutnick's appointment as US Commerce Secretary marks significant changes in the nation's trade and crypto policies. His stance on tariffs and support for Bitcoin align with Trump's economic strategy, potentially reshaping both US trade dynamics and cryptocurrency regulation.
