The U.S. Senate has approved Howard Lutnick as the 41st Secretary of Commerce, putting a pro-crypto financier in charge of American trade and economic policy.
The Senate confirmed Lutnick with a 51-45 vote conducted on Tuesday, Feb. 18, according to The New York Times. The former CEO of Cantor Fitzgerald, Lutnick, has been a strong proponent of Bitcoin (BTC) and Tether (USDT).
Bitcoin “should be free to trade everywhere in the world,” Lutnick has previously stated, likening it to gold. He defended Tether’s USDT reserves at the Bitcoin Conference 2024, saying that they were fully backed by gold, Bitcoin, and U.S. Treasuries.
He also pushed back against concerns about stablecoins’ role in illegal funding during his Senate confirmation hearing. Given that the SEC is reviewing applications for staking in Ethereum ETFs, his appointment may influence a change in the Commerce Department’s position on digital assets.
Beyond cryptocurrency, Lutnick will be crucial to Trump’s assertive trade ambitions. He refuted arguments that tariffs cause inflation, calling them “nonsense,” and defended the use of tariffs as a weapon to compel trading partners into reducing trade barriers.
His position supports Trump’s call for higher tariffs fees to safeguard American businesses. Trump’s push for higher tariffs has come under fire from conservative economists who claim that tariffs increase prices for American consumers.
Lutnick left Cantor Fitzgerald to adhere to federal ethics regulations. Cantor has strengthened his connections with the cryptocurrency sector by offering custody services to Tether. He will lead a department of more than 50,000 workers in his role as Commerce Secretary, a position in which he will manage trade policies, technological exports, and economic regulations.
Crypto enthusiasts and Trump’s larger economic objectives could both benefit from his confirmation. But his pro-tariff position might worsen tensions with U.S. trading partners, which would likely lead to new trade negotiations.
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