Trump Picks Crypto Advocate to Lead Commerce, Reshape US Financial Systems

CN
4 hours ago

President-elect Donald Trump has announced the nomination of Howard Lutnick, CEO of Wall Street giant Cantor Fitzgerald, as the next Secretary of Commerce. Lutnick, a seasoned financial executive, is recognized not only for his leadership in traditional finance but also for his progressive stance on cryptocurrencies. He has expressed strong support for bitcoin, describing it as a transformative asset that could reshape the global financial system.

Under his leadership, Cantor Fitzgerald has expanded into the digital asset sector, including serving as a custodian for tether’s reserves and launching a $2 billion bitcoin financing initiative. This program seeks to inject capital into the cryptocurrency ecosystem, bridging traditional finance and digital currencies. Lutnick has predicted that within five years, major U.S. banks will incorporate BTC into their services, emphasizing his vision for the mainstream adoption of digital assets.

Lutnick’s appointment may signal a shift in U.S. economic policy toward greater acceptance of cryptocurrencies. He has advocated for treating bitcoin as a commodity, comparable to gold, which could shape future regulatory frameworks to foster both innovation and market confidence. “Bitcoin is like gold and should be free trade everywhere in the world,” he said at a bitcoin conference earlier this year, emphasizing:

Bitcoin should trade the same as gold everywhere in the world without exception and without limitation.

As Commerce Secretary, Lutnick’s approach to cryptocurrency regulation and innovation could redefine how the U.S. engages with this rapidly evolving sector. His unique blend of Wall Street expertise and forward-looking crypto advocacy could pave the way for policies that balance growth, regulation, and global competitiveness in the digital era. His pro-crypto perspective is expected to influence commerce policies, potentially positioning the U.S. as a leader in the burgeoning digital economy.

Trump has pledged to position the U.S. as a global leader in the cryptocurrency sector. His proposed policies include establishing a national bitcoin reserve and appointing crypto-friendly regulators to key roles. This favorable stance has already impacted the market, with BTC prices hitting new highs and boosting optimism among crypto investors.

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