Howard Lutnick, CEO of Cantor Fitzgerald, has been named by President-elect Donald Trump as the Secretary of Commerce.
The Secretary of Commerce’s responsibilities include fostering growth and competitiveness for US businesses nationally and globally. Lutnick, who has been serving as co-chair of Trump’s transition team, emerged as the top contender for the position.
Lutnick’s involvement in crypto has garnered a lot of attention. He has voiced strong support for Bitcoin
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Lutnick has highlighted Bitcoin's global appeal and accessibility. Speaking earlier this year, he emphasized that Bitcoin transcends national boundaries, describing it as “not an American thing”. He further suggested that spot Bitcoin exchange-traded funds (ETFs) provide an effective avenue for Americans to gain exposure to the asset.
Lutnick’s enthusiasm for Bitcoin was evident at the Bitcoin 2024 conference held in July. During the event, he revealed plans for Cantor Fitzgerald to establish a Bitcoin financing venture. The initiative aims to kickstart operations with $2 billion in lending, marking a milestone for the financial services firm in crypto.
Lutnick’s appointment to lead the Commerce Department follows the tenure of Gina Raimondo, former governor of Rhode Island, who previously held the position.
In other news, DAO members are facing legal accountability, challenging the idea of complete decentralization. What are the implications of this ruling? Read the full story.
