Who is Trump's Commerce Secretary Lutnick? What's the connection with crypto?

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Author: Derek Andersen, CoinTelegraph; Compiled by: Bai Shui, Jinse Finance

US President-elect Donald Trump has appointed Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce. Lutnick has long been a supporter of cryptocurrencies.

The Secretary of Commerce is responsible for promoting business development in the US at home and abroad. The Secretary is a member of the US Cabinet and one of the President's closest advisors. Lutnick is currently a co-lead of the Trump transition team and is seen as a likely candidate for a Cabinet position.

A billionaire overseeing billions in Tether

Lutnick has drawn attention in the crypto world for his ties to stablecoin issuer Tether and his comments on Bitcoin.

The Wall Street financial services firm Cantor Fitzgerald, which Lutnick has led since 1996, has managed Tether's US Treasury portfolio since 2021 and its bond portfolio since 2023, requiring financial audits.

Lutnick has publicly expressed confidence in Tether's financial condition. He is also a "big fan" of Bitcoin, though his views on Bitcoin may be unique. In January, he stated that a spot BTC ETF is a way for "Americans to buy" Bitcoin, but that Bitcoin "is not an American thing".

Lutnick likes Bitcoin

Lutnick was more enthusiastic about Bitcoin at the Bitcoin 2024 conference in July. "Cantor Fitzgerald hereby announces that we are launching a Bitcoin financing business. [...] We will provide $2 billion in loans."

Details of the business have not been disclosed. Trump also attended the conference.

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Source: The Bitcoin Historian

In September, Lutnick told Fox News that Bitcoin is a commodity. He also criticized US regulators, saying:

"Let's face it: they don't even know how to do crypto and digital, and they don't; they still don't understand how important it is to get things right."

Lutnick will replace former Rhode Island Governor Gina Raimondo.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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