In a noteworthy development for the crypto and finance sectors, Howard Lutnick, a known Bitcoin advocate and former CEO of Cantor Fitzgerald, has been confirmed as the new US Secretary of Commerce. The Senate’s approval of his nomination came through a 51-45 vote, solidifying his place in President Donald Trump’s administration.

The confirmation of Lutnick was quickly applauded by prominent Bitcoin proponents, including Michael Saylor and Senator Cynthia Lummis. Saylor highlighted Lutnick’s consistent support for Bitcoin, while Lummis voiced her confidence in his capacity to stimulate economic growth.

US Senate Officially Appoints Howard Lutnick as Commerce Secretary

The Senate has officially confirmed Howard Lutnick as the Secretary of Commerce with a 51-45 vote, entrusting him with the responsibility of directing the department’s economic strategies. The Commerce Department, with its 50,000 employees, is crucial for managing economic data, overseeing census operations, and monitoring weather patterns.

It is expected that Lutnick will spearhead the implementation of Trump’s trade policies, notably the introduction of new tariffs on imports. During his confirmation hearing, he addressed concerns about tariffs potentially increasing consumer costs, arguing that tariffs should be applied strategically on a country-by-country basis to promote fair trade practices.

President Trump’s administration has previously imposed 10% tariffs on goods from China and raised taxes on steel and aluminum. Plans for a 25% tariff on goods from Canada and Mexico, however, are currently postponed until March 4.

Howard Lutnick Steps Down from Cantor Fitzgerald

Prior to his government appointment, Howard Lutnick was the Chief Executive Officer of Cantor Fitzgerald, a leading financial services firm. He is particularly recognized for skillfully leading the company through its recovery following the tragic September 11, 2001, attacks, which resulted in the loss of 658 employees, including his brother.

Under his leadership, Cantor Fitzgerald strategically expanded its operations across diverse financial sectors, including the burgeoning cryptocurrency market. The firm notably managed Tether’s substantial US Treasury holdings, which back the USDT stablecoin, and initiated a significant $2 billion Bitcoin financing program.

Following his successful confirmation, Lutnick officially resigned from his leadership role at Cantor Fitzgerald and divested his business investments to ensure full compliance with government ethics regulations.

Advocacy for Bitcoin and Stablecoins

Howard Lutnick has been a prominent and vocal supporter of Bitcoin, often drawing comparisons to gold and advocating for its unrestricted trading. At a Bitcoin conference earlier this year, he emphatically stated, “Bitcoin is like gold and should be free trade everywhere.”

He has voiced his concerns regarding the unclear regulatory framework for digital assets in the US and has actively pushed for policies that encourage Bitcoin’s deeper integration into mainstream finance. Cantor Fitzgerald’s substantial investment in the cryptocurrency space, including a 5% stake in Tether valued at approximately $600 million, clearly reflects his strong belief in the industry’s potential.

During his confirmation hearing in January, Lutnick also expressed his support for the regulation of stablecoins. He proposed that stablecoins backed by the US dollar should maintain reserves in US Treasuries and undergo routine audits to guarantee full transparency and investor confidence.