United States President-elect Donald Trump has appointed Cantor Fitzgerald CEO Howard Lutnick as Secretary of Commerce, according to press reports on Nov. 19. Lutnick has a long record of supporting cryptocurrencies.
Who is Howard Lutnick
Howard Lutnick, the CEO of Cantor Fitzgerald, has been with the company since 1996 and is a pivotal figure in the financial industry. He is also part of Trump's transition team, making him a logical choice for the Secretary of Commerce position.
Connection to Tether
Lutnick has drawn attention in the crypto space for his ties to stablecoin issuer Tether and his statements about Bitcoin. Since 2021, Cantor Fitzgerald has managed Tether's U.S. Treasury portfolio, and since 2023, its bond portfolio.
Support for Bitcoin
Lutnick has expressed confidence in Tether's financial health and is a 'big fan' of Bitcoin. He remarked that Bitcoin in the form of ETFs is a way for Americans to purchase cryptocurrency, although he does not see it as strictly 'an American thing.'
Lutnick's appointment as Secretary of Commerce underscores the growing attention to cryptocurrencies in the US at the highest level and may signal a more open approach to crypto regulation.
