Key Takeaways
- Donald Trump has chosen Howard Lutnick, a pro-Bitcoin advocate, as his commerce secretary.
- Lutnick’s monetary background and help for Bitcoin align with Trump’s pro-crypto stance, emphasizing international commerce and blockchain innovation.
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President-elect Donald Trump has chosen Howard Lutnick, CEO of Cantor Fitzgerald, to function Commerce secretary, as introduced in a submit on Trump’s social media platform, Fact Social.
Lutnick, identified for his influential position in finance and outspoken help for Bitcoin and stablecoins, will spearhead Trump’s commerce and financial agenda, together with a proposed 60% tariff on Chinese language items.
“Bitcoin is like gold and must be free commerce in all places,” Lutnick mentioned at a Bitcoin convention earlier this 12 months. “We’ll do all the pieces in our energy to make it so.”
Lutnick expressed his help for crypto in a CNBC podcast final 12 months, emphasizing that he’s particularly a fan of Bitcoin, stating that different cash “are simply not a factor.”
He additionally highlighted his admiration for the stablecoin Tether.
Cantor Fitzgerald, the place Lutnick serves as CEO, is a main supplier buying and selling straight with the Federal Reserve and has expanded into crypto providers.
The agency manages Tether’s US Treasury holdings that again its USDT stablecoin and not too long ago launched a $2 billion Bitcoin financing operation.
As Commerce secretary, Lutnick will oversee the Division of Commerce’s 13 bureaus, together with the Census Bureau and the Workplace of the USA Commerce Consultant.
His obligations will embody advancing Trump’s tariff-heavy commerce insurance policies, selling international funding, and negotiating commerce offers.
At Trump’s Madison Sq. Backyard marketing campaign rally final month, Lutnick mentioned the US was most affluent through the early 1900s, when there was “no revenue tax and all we had was tariffs.”
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