US Senate Confirms Howard Lutnick as Pro-Crypto Secretary of Commerce

The U.S. Senate has confirmed Howard Lutnick as the 41st Secretary of Commerce, a move that reinforces the pro-crypto stance of the Trump administration. Lutnick secured confirmation with a 51-45 vote on Tuesday.

Lutnick’s Economic Vision

As Commerce Secretary, Lutnick will focus on job creation, economic growth, and innovation while aligning with Trump’s trade agenda, which includes higher import tariffs to push U.S. trade partners to lower their own barriers.

During his confirmation hearing, Lutnick dismissed concerns that tariffs contribute to inflation and instead advocated for using tariffs as leverage to promote U.S. exports.

Lutnick’s Crypto Ties and Business Background

Lutnick previously served as Chairman and CEO of Cantor Fitzgerald, a leading financial services firm he had been with since 1983. Following his confirmation, he announced his resignation from Cantor and divested his holdings in Cantor Fitzgerald, BGC Group, Inc., and Newmark Group, Inc. to comply with U.S. ethics rules.

His former firm, Cantor Fitzgerald, has a notable presence in the crypto space, including custody services for Tether (USDT)—the world’s largest stablecoin, valued at $141.7 billion.

Lutnick’s Pro-Bitcoin Stance

Lutnick has been a vocal Bitcoin advocate, frequently comparing it to gold. Speaking at Bitcoin 2024, he defended Tether’s reserve backing, emphasizing that USDT is fully backed by U.S. Treasuries, Bitcoin, and gold.

Last month, during a Senate Commerce Committee hearing, Lutnick once again defended Tether amid scrutiny over its reserves and alleged illicit financial activity.

Industry Reactions

The confirmation was welcomed by Bitcoin proponents like MicroStrategy’s Michael Saylor and Senator Cynthia Lummis, who praised Lutnick’s leadership and commitment to advancing crypto-friendly policies in the U.S.