"Lutnick Confirmed as Commerce Secretary, Promises Crypto-Friendly Trade Policy"

The U.S. Senate has confirmed Howard Lutnick as the 41st Secretary of Commerce, with a majority vote of 51 to 45. Lutnick, known for his positive stance on cryptocurrencies, will now focus on job creation, economic growth, and fostering innovation, aligning with the Department of Commerce's goals. He is also expected to support President Donald Trump's trade policy, which includes the use of import tariffs as a tool for negotiating trade deals.

During his confirmation hearing, Lutnick challenged the notion that tariffs lead to inflation and promoted their use to compel other nations to open their markets to U.S. goods. His background includes a longstanding tenure at Cantor Fitzgerald, where he served as chairman and CEO. Following his confirmation, Lutnick stepped down from his executive roles at Cantor to adhere to government ethics standards. Cantor Fitzgerald announced his resignation and his plans to divest from his business interests, including Cantor Fitzgerald, BGC Group, Inc., and Newmark Group (NASDAQ:NMRK), Inc.

Cantor Fitzgerald has been involved in the cryptocurrency space, providing custody services for the Tether USDT stablecoin, which has a significant market capitalization of $141.7 billion. Lutnick has been an advocate for Tether, asserting at the Bitcoin 2024 conference that it is fully backed by reserves. Lutnick's support for the digital asset industry extends beyond Tether. He has been vocal about his personal and professional investment in bitcoin, comparing it to gold and advocating for its free trade.

Lutnick's confirmation as Secretary of Commerce has been met with praise from other Bitcoin enthusiasts, including MicroStrategy's CEO Michael Saylor and Senator Cynthia Lummis, who expressed confidence in Lutnick's ability to revitalize the U.S. economy.