Commerce Secretary: Bitcoin Is A Commodity, Not Currency

Secretary of Commerce Howard Lutnick has reiterated the stance that Bitcoin (BTC) should be treated as a commodity, similar to gold or oil, rather than as a currency. This statement comes as part of a broader vision for embracing Bitcoin businesses in the United States, marking a significant shift in policy from previous administrations.

During a recent interview with Bitcoin Magazine at the White House, Lutnick outlined a comprehensive strategy that includes regulatory clarity, energy autonomy for miners, and the official recognition of Bitcoin in national economic reporting. He emphasized that under the current administration, Bitcoin would be classified as a commodity, aligning with the approach taken during President Donald Trump’s tenure.

Lutnick’s remarks underscore the administration’s commitment to supporting the Bitcoin industry. He highlighted the Department of Commerce’s new investment accelerator, launched on March 31, as a key initiative. This program aims to assist companies in navigating regulations and obtaining necessary permits, with a particular focus on benefiting Bitcoin mining firms. Lutnick suggested that miners could build their own power plants near gas fields, reducing their reliance on the grid and lowering energy costs. This approach, he believes, will strengthen the domestic mining industry by giving miners more control over their energy sources.

Lutnick’s vision for the Bitcoin industry in the U.S. is clear: he wants to see the industry thrive and succeed within the country. He expressed confidence that the administration’s support for Bitcoin is unwavering and that the U.S. will continue to embrace digital asset growth. Lutnick’s statements reflect a broader push by the Trump administration to position the U.S. as a leading hub for Bitcoin innovation and infrastructure, signaling a new era for digital assets in the country.