The U.S. Senate has confirmed Howard Lutnick as the new Commerce Secretary, with a 51-45 vote. Known for his Bitcoin advocacy, Lutnick previously served as the CEO of Cantor Fitzgerald and will now oversee U.S. trade policies under the Trump administration. His role will be pivotal in shaping import tariffs and broader economic strategies.
Crypto Industry Reacts to Lutnick’s Appointment
Following the confirmation, prominent figures in the crypto sector expressed their support. MicroStrategy’s founder Michael Saylor praised Lutnick for his strong stance on Bitcoin, while Senator Cynthia Lummis highlighted his expertise in managing economic policies. The appointment signals a potential shift in how the U.S. government approaches digital assets and blockchain regulation.
Lutnick’s Role in Trade and Economic Policies
As Commerce Secretary, Lutnick will oversee critical sectors, including economic data analysis, census operations, and weather forecasting services. His leadership will impact 50,000 employees across multiple divisions.
Under the Trump administration, Lutnick is expected to implement new trade policies, focusing on import tariffs and custom duties. He has publicly stated that tariffs should be applied on a country-by-country basis to ensure fair trade. Currently, the U.S. enforces a 10% tariff on Chinese imports and additional levies on steel and aluminum. The decision on a 25% tariff on imports from Canada and Mexico has been postponed until March 4.
Cantor Fitzgerald and Lutnick’s Financial Legacy
Before his appointment, Lutnick was the CEO of Cantor Fitzgerald, a major financial firm. Following the 9/11 attacks, he played a crucial role in rebuilding the company after losing 658 employees, including his brother.
Under his leadership, Cantor Fitzgerald expanded into the crypto market, managing U.S. Treasury assets for Tether (USDT) and launching a $2 billion Bitcoin financing initiative. This aggressive push into digital assets positioned the firm as a key player in the blockchain ecosystem.
After receiving his government confirmation, Lutnick resigned from Cantor Fitzgerald and divested his commercial holdings in compliance with ethics regulations.
What’s Next for Bitcoin and U.S. Trade Policies?
Lutnick’s pro-Bitcoin stance and expertise in finance could influence future crypto regulations. As the Commerce Department plays a vital role in shaping economic policies, his appointment raises expectations within the crypto community.
Turkish NY Radio will continue to monitor developments as Lutnick takes on his new role, potentially setting the stage for a pro-crypto economic shift in the U.S.
