Crypto-Friendly Howard Lutnick Poised To Lead US Department Of Commerce Under Trump | TheSpuzz

According to recent reports, Howard Lutnick, the CEO of asset management firm Cantor Fitzgerald and a prominent supporter of crypto initiatives, is anticipated to be nominated by President-elect Donald Trump to head the US Department of Commerce (DOC). 

This nomination comes amidst growing speculation regarding Lutnick’s influence in shaping policies that could significantly impact the crypto industry.

The Pro-Crypto Leader Poised To Head The DOC

As the public face of Trump’s transition team, Lutnick has been a vocal advocate for the incoming administration’s agenda, particularly concerning economic policies and tariffs. 

The Commerce Department is poised to play a crucial role in implementing Trump’s proposed tariffs on imported goods, which could have wide-ranging effects on the US economy.

Although unconfirmed, Lutnick’s new position in Trump’s administration would not directly relate to the digital asset industry. However, it has not been announced that his role at Cantor Fitzgerald will change after this potential appointment. 

Nevertheless, Lutnick’s support for the crypto ecosystem has been strong, as earlier this year, the firm he heads, which has a market valuation of $13.2 billion, announced plans to launch a specialized Bitcoin financing business aimed at providing leverage for investors in the cryptocurrency market. 

Lutnick emphasized the firm’s commitment to bridging traditional finance with digital assets, stating, “We are excited to help unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets.”

In addition to his work at Cantor Fitzgerald, Lutnick’s connection with the crypto space extends to Tether, the world’s largest stablecoin issuer. Recently, Tether acquired a $100 million stake in Bitdeer Technologies Group, a US-listed Bitcoin mining company, with the transaction facilitated by Cantor Fitzgerald. 

Lutnick Predicts Significant Value Increase For Bitcoin

Reflecting on the relationship between Bitcoin and mainstream finance, Lutnick acknowledged the progress made over the past five years, pointing out existing barriers. He noted, “The last five years, Bitcoin has been an outsider in the finance business but is coming closer and closer.” 

Despite the emergence of Bitcoin exchange-traded funds (ETFs) in the US a year after they were approved by the Securities and Exchange Commission (SEC), Lutnick emphasized that traditional banks still face challenges in providing transactional and custodial services related to Bitcoin.

However, Lutnick remains optimistic about Bitcoin’s future, claiming that BTC is a financial asset and the market will treat it as such. “When that happens, you’re going to see Bitcoin move in a very strong positive direction.” He believes that as BTC becomes more accepted in the financial sector, its value will increase significantly over the next five years.

As the transition team awaits confirmation of Lutnick’s nomination, attention is also focused on who will be appointed to lead the Treasury Department. Elon Musk, who is involved in the new Department of Government Efficiency (DOGE), has publicly supported Lutnick in the Treasury role. 

At the time of writing, Bitcoin is trading at $93,100, approaching its record high of $93,300 set last week.

Featured image from DALL-E, chart from TradingView.com