Key Takeaways
- Howard Lutnick confirmed as US Secretary of Commerce with a 51-45 Senate vote.
- Lutnick is a Bitcoin advocate with plans to implement Trump’s tariff policies.
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Howard Lutnick, former CEO of Cantor Fitzgerald and a Bitcoin advocate, won Senate confirmation as commerce secretary in a 51-45 vote on Tuesday, positioning him to lead President Donald Trump’s trade agenda at the Commerce Department.
As commerce secretary, Lutnick will oversee 50,000 employees responsible for economic statistics, census operations, and weather reporting. He is expected to focus on implementing Trump’s import tax agenda alongside trade negotiator nominee Jamieson Greer.
During his confirmation hearing, Lutnick dismissed concerns about tariffs’ inflationary impact as “nonsense” and supported implementing broad tariffs “country by country” to pressure nations into reducing barriers to US exports.
The confirmation comes as Trump announced plans for “reciprocal” tariffs that would match other countries’ higher tax rates on US goods. The administration has already imposed 10% tariffs on Chinese imports and raised taxes on foreign steel and aluminum, while threatening 25% tariffs on Canadian and Mexican goods, currently delayed until March 4.
Lutnick led Cantor Fitzgerald through its recovery after the September 11, 2001, attacks, which claimed the lives of 658 of the firm’s employees, including his brother. He serves on the Board of Directors of the National September 11 Memorial & Museum.
A supporter of Bitcoin and stablecoins
Lutnick is a strong proponent of Bitcoin. The 63-year-old businessman has consistently expressed admiration for Bitcoin, comparing it to gold and advocating for its free global trade without restrictions.
“Bitcoin is like gold and should be free trade everywhere,” Lutnick said at a Bitcoin conference earlier this year. “We’ll do everything in our power to make it so.”
Lutnick views Bitcoin as a scarce and valuable asset. Cantor Fitzgerald, under his leadership, launched initiatives like a $2 billion Bitcoin financing operation, part of Lutnick’s commitment to integrating cryptocurrency into traditional finance. In a CNBC podcast last year, Lutnick expressed his specific support for Bitcoin, stating that other coins “are just not a thing.”
He has criticized regulatory ambiguity in the US regarding digital assets and advocates for clear policies to promote the mainstream adoption of Bitcoin by financial institutions.
Lutnick also supports other crypto innovations, such as USDT and USDC stablecoins.
Cantor Fitzgerald manages Tether’s US Treasury holdings backing its USDT stablecoin and recently launched a $2 billion Bitcoin financing operation. Last year, the firm acquired a 5% stake in Tether worth about $600 million, according to the Wall Street Journal.
Following his confirmation, Lutnick resigned as Chairman and CEO of Cantor Fitzgerald, divesting his business holdings to comply with government ethics requirements.
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