Key Takeaways
- Howard Lutnick confirmed as US Secretary of Commerce with a 51-45 Senate vote.
- Lutnick is a Bitcoin advocate with plans to implement Trump’s tariff insurance policies.
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Howard Lutnick, former CEO of Cantor Fitzgerald and a Bitcoin advocate, received Senate affirmation as commerce secretary in a 51-45 vote on Tuesday, positioning him to guide President Donald Trump’s commerce agenda on the Commerce Division.
As commerce secretary, Lutnick will oversee 50,000 workers chargeable for financial statistics, census operations, and climate reporting. He’s anticipated to give attention to implementing Trump’s import tax agenda alongside commerce negotiator nominee Jamieson Greer.
Throughout his affirmation listening to, Lutnick dismissed considerations about tariffs’ inflationary affect as “nonsense” and supported implementing broad tariffs “nation by nation” to stress nations into decreasing limitations to US exports.
The affirmation comes as Trump introduced plans for “reciprocal” tariffs that may match different nations’ larger tax charges on US items. The administration has already imposed 10% tariffs on Chinese language imports and raised taxes on overseas metal and aluminum, whereas threatening 25% tariffs on Canadian and Mexican items, presently delayed till March 4.
Lutnick led Cantor Fitzgerald by means of its restoration after the September 11, 2001, assaults, which claimed the lives of 658 of the agency’s workers, together with his brother. He serves on the Board of Administrators of the Nationwide September 11 Memorial & Museum.
A supporter of Bitcoin and stablecoins
Lutnick is a powerful proponent of Bitcoin. The 63-year-old businessman has persistently expressed admiration for Bitcoin, evaluating it to gold and advocating for its free world commerce with out restrictions.
“Bitcoin is like gold and must be free commerce in all places,” Lutnick mentioned at a Bitcoin convention earlier this 12 months. “We’ll do every thing in our energy to make it so.”
Lutnick views Bitcoin as a scarce and invaluable asset. Cantor Fitzgerald, beneath his management, launched initiatives like a $2 billion Bitcoin financing operation, a part of Lutnick’s dedication to integrating cryptocurrency into conventional finance. In a CNBC podcast final 12 months, Lutnick expressed his particular help for Bitcoin, stating that different cash “are simply not a factor.”
He has criticized regulatory ambiguity within the US concerning digital belongings and advocates for clear insurance policies to advertise the mainstream adoption of Bitcoin by monetary establishments.
Lutnick additionally helps different crypto improvements, corresponding to USDT and USDC stablecoins.
Cantor Fitzgerald manages Tether’s US Treasury holdings backing its USDT stablecoin and lately launched a $2 billion Bitcoin financing operation. Final 12 months, the agency acquired a 5% stake in Tether price about $600 million, in keeping with the Wall Road Journal.
Following his affirmation, Lutnick resigned as Chairman and CEO of Cantor Fitzgerald, divesting his enterprise holdings to adjust to authorities ethics necessities.
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