Lutnick has attracted widespread attention in the cryptocurrency space due to his association with the stablecoin issuer Tether and his comments on Bitcoin.
Since 1996, Lutnick has led the Wall Street financial services firm Cantor Fitzgerald, which has managed Tether's US Treasury investment portfolio since 2021 and will take over its bond investment portfolio from 2023. Tether currently has a market capitalization of $129 billion, but has faced criticism for its accounting practices and refusal to undergo financial audits.
Lutnick has repeatedly expressed confidence in Tether's financial condition. He is also a "staunch advocate" of Bitcoin, although his views are somewhat unique. In January this year, he stated that a spot Bitcoin ETF is "a way for Americans to buy Bitcoin," but that Bitcoin "is not an American thing."
Lutnick was more enthusiastic about Bitcoin at the Bitcoin 2024 conference in July. He stated: "Cantor Fitzgerald announced today that we will be launching a Bitcoin financing business... We plan to launch with $2 billion in lending capital."
In September this year, Lutnick referred to Bitcoin as a commodity in an interview with Fox News. He also criticized US regulators, stating: "Frankly, they have no idea about cryptocurrencies and digital assets. They don't know how to handle it, and they don't understand how important it is to get things right."
Lutnick will replace former Rhode Island Governor Gina Raimondo as Secretary of Commerce.