- The Senate confirmed Howard Lutnick as the 41st US Secretary of Commerce in a 52-45 vote.
- Lutnick, a crypto advocate, will sell his private investments within 90 days of confirmation.
- He will support Trump’s trade policies, including tariffs on US trading partners.
The US Senate confirmed Howard Lutnick as the Secretary of Commerce on February 18, 2025. Lutnick, a billionaire with Wall Street ties, left his CEO position at Cantor Fitzgerald immediately after confirmation. He will now oversee the Department of Commerce, which employs around 50,000 staff members.
His role includes handling business data, managing patents, and promoting foreign investments. He will also work with top US trade officials to implement Trump’s economic policies. His appointment is expected to influence trade negotiations and crypto market regulations.
Lutnick’s Crypto Ties and Investment Exit Plan
Lutnick is a known supporter of cryptocurrency and Bitcoin. Cantor Fitzgerald holds a stake in Tether, the world’s largest stablecoin issuer. The firm played a key role in providing banking services to Tether when other financial institutions distanced themselves.
Despite his crypto ties, Lutnick promised to divest from his 818 business holdings. He set a 90-day deadline, ending on May 19, to sell his shares. His decision aims to address concerns about conflicts of interest raised by lawmakers.
Concerns Over Lutnick’s Ties to Tether
Senator Elizabeth Warren has voiced concerns about Lutnick’s links to Tether. She argued that his access to Trump and financial regulators could benefit the stablecoin giant. Tether’s reserves increased from $134 billion in November to $141.7 billion recently.
Lutnick has openly praised Bitcoin, citing its halving cycles and decentralized nature. His confirmation may signal a shift in US policy toward digital assets. As a key player in Trump’s administration, his stance on crypto will likely influence future regulations.
Trump’s Trade Policies and Lutnick’s Role
Lutnick will play a key role in executing Trump’s aggressive trade policies. The administration has already imposed a 10% tariff on Chinese imports. Trump also increased US taxes on foreign steel and aluminum to support domestic industries.
Additionally, Trump threatened a 25% tariff on imports from Canada and Mexico. However, the decision was postponed until early March. Lutnick fully supports these tariffs and dismissed concerns that they would cause inflation. He believes they will create more fairness in global trade.
