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President-elect Donald Trump has selected Cantor Fitzgerald CEO and crypto supporter Howard Lutnick as his pick for Commerce Secretary.
What’s the scoop?
- The announcement follows a private meeting yesterday between Trump and Coinbase CEO Brian Armstrong, where the two reportedly discussed administration appointments.
- Lutnick, a long-time Bitcoin supporter and co-chair of Trump’s transition team, has been a vocal advocate for crypto-friendly policies. His firm, Cantor Fitzgerald, has served as a custodian for Tether and supported stablecoin reserves in U.S. treasuries, gold, and BTC.
- Previously, Lutnick was reportedly in the mix for the Treasury Secretary nomination, so his appointment to Commerce keeps the Secretary of the Treasury spot as an open question for now.
Bankless take:
Lutnick’s nomination marks a clear break toward integrating crypto advocates into top government positions. As Commerce Secretary, Lutnick could wield significant influence over policies impacting business growth around blockchain-based companies in the U.S. That said, all eyes turn now to Trump's picks for the Treasury and the SEC chair, which are even more pivotal for the prospects of crypto in America over the next few years.
