crypto-news-flash.com
- Howard Lutnick’s nomination as Commerce Secretary signals potential support for crypto and stablecoin regulation, with a focus on innovation and job creation.
- Companies like Metaplanet and MicroStrategy, adopting Bitcoin-based strategies, highlight growing institutional interest, while platforms like Securitize introduce solutions to address liquidity and DeFi’s regulatory challenges.
In addition to the earlier discussion we had about Senator Lummis advocating for the sale of gold for a U.S. Strategic Bitcoin Reserve, President-elect Donald Trump has nominated Howard Lutnick, a well-known Bitcoin supporter and CEO of Cantor Fitzgerald, to head the U.S. Department of Commerce. Lutnick, an advocate for crypto and stablecoin regulation, has emphasized Bitcoin’s global role, likening it to gold.
In response, Howard Lutnick shared his gratitude in a recent tweet, stating:
Thank you, President Trump, for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the U.S. has ever seen and unleash our full economic potential.
Thank you, President Trump for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen and unleash our full economic potential. pic.twitter.com/CTr0sdH6nt
— Howard Lutnick (@howardlutnick) November 19, 2024
However, it is important to note that Lutnick’s firm, Cantor Fitzgerald, serves as a custodian for Tether and holds reserves in Bitcoin, U.S. Treasuries, and gold. While some had hoped Lutnick would lead the Treasury Department, his focus as Commerce Secretary will center on economic innovation and job creation, pending Senate confirmation.
Metaplanet Stock Surges After Bitcoin Acquisition
On the other hand, Japanese investment firm Metaplanet saw a 15% surge in stock value following the purchase of 124.1 BTC at $91,266 each, totaling $11.3 million. The firm now holds 1,142.2 BTC, valued at approximately $105 million.
Furthermore, Metaplanet’s stock has skyrocketed by 1,180% year-to-date, adopting a strategy similar to MicroStrategy’s treasury model. MicroStrategy remains the largest corporate Bitcoin holder, with 331,200 BTC, valued at over $30 billion.
Securitize has unveiled the “sToken,” a novel solution for liquidity in real-world assets while earning yield using the ERC-4626 standard. BlackRock’s BUIDL token, backed by U.S. Treasuries, debuted on the platform, allowing asset holders to mint synthetic dollars while retaining yields from underlying assets.
This initiative aims to address DeFi’s regulatory challenges and expand to funds like Hamilton Lane’s SCOPE. As of now, according to CoinMarketCap data, Bitcoin (BTC) is currently trading at $93,710.47, having surged by 1.52% in the past day and 6.45% in the past week. See the BTC price chart below.
Recommended for you:
- Buy Bitcoin Guide
- Bitcoin Wallet Tutorial
- Check 24-hour Bitcoin Price
- More Bitcoin News
- What is Bitcoin?