Longtime Bitcoin advocate and Wall Street veteran Howard Lutnick secured his spot as Commerce Secretary on Sunday, sailing through a Senate confirmation vote of 51-45.
The former Cantor Fitzgerald CEO, one of the wealthiest individuals ever to serve in a presidential cabinet, didn’t exactly need the job – but Trump’s administration got their man anyway.
Republicans pushed Lutnick through despite Democratic opposition, with the Senate Commerce Committee’s procedural vote landing at 16-12. His stance on Bitcoin and cryptocurrency likely raised some eyebrows in traditional banking circles.
After all, this is the guy who compared Bitcoin to gold and launched a $2 billion Bitcoin financing program at Cantor Fitzgerald. He consistently advocates for global Bitcoin trading without restrictions.
Lutnick’s appointment signals a seismic shift in cryptocurrency’s relationship with Washington. Having managed Tether’s US Treasury holdings backing USDT stablecoin, he’s no stranger to the complex world of digital assets. The fixed supply cap of 21 million bitcoins aligns with his vision of digital scarcity as an economic cornerstone.
Crypto enthusiasts like Michael Saylor were quick to celebrate, while Senator Cynthia Lummis threw her support behind his economic leadership.
The new Commerce Secretary isn’t just about crypto, though. He’s firmly aligned with Trump’s “trade and tariff agenda,” dismissing inflation concerns about tariffs as “nonsense.” A key part of his role will include implementing reciprocal trade relations within his first 180 days.
He’ll be wielding considerable power, overseeing 50,000 employees and managing everything from economic statistics to weather reporting.
In a nod to ethical considerations, Lutnick pledged to divest his financial interests within 90 days and resigned from Cantor Fitzgerald.
He’s working with the Office of Government Ethics to guarantee a clean break from his business empire. Not bad for a guy who led Cantor Fitzgerald’s recovery after the devastating 9/11 attacks.
Democrats like Senator Tammy Duckworth voiced their concerns, but the Republican-controlled Senate had other plans.
Lutnick’s confirmation marks another milestone for Trump’s “America First” policy agenda.
With his blend of Wall Street experience and crypto advocacy, he’s either going to shake things up at Commerce or give traditional finance folks some serious heartburn. Probably both.
