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U.S. President-elect Donald Trump has appointed Howard Lutnick, CEO of Cantor Fitzgerald, as his new Secretary of Commerce. Lutnick is well-known in the cryptocurrency world, particularly for his involvement with the stablecoin Tether (USDT) and his public support for Bitcoin (BTC).
Lutnick has led Cantor Fitzgerald since 1996, a financial services firm that has managed Tether‘s U.S. Treasury portfolio since 2021 and its bond portfolio since 2023. Tether, a stablecoin with a market cap of $129 billion, has faced scrutiny for its financial practices. Despite this, Lutnick has repeatedly expressed confidence in Tether’s financial health.
Lutnick has also voiced strong support for Bitcoin, notably announcing at the Bitcoin 2024 conference in July that Cantor Fitzgerald would launch a Bitcoin financing business, with $2 billion in lending. He has referred to Bitcoin as a commodity and criticized U.S. regulators for their slow adaptation to the digital and crypto world.
Lutnick will replace former Rhode Island governor Gina Raimondo as Commerce Secretary. His appointment is seen as a signal of the administration’s commitment to advancing crypto and digital assets in the U.S. financial landscape.
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