Key Takeaways
- Howard Lutnick confirmed as US Secretary of Commerce with a 51-45 Senate vote.
- Lutnick is a Bitcoin advocate with plans to implement Trump’s tariff policies.
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Howard Lutnick, former CEO of Cantor Fitzgerald and a Bitcoin advocate, won Senate confirmation as commerce secretary in a 51-45 vote on Tuesday, positioning him to lead President Donald Trump’s trade agenda at the Commerce Department.
As commerce secretary, Lutnick will oversee 50,000 employees responsible for economic statistics, census operations, and weather reporting. He is expected to focus on implementing Trump’s import tax agenda alongside trade negotiator nominee Jamieson Greer.
During his confirmation hearing, Lutnick dismissed concerns about tariffs’ inflationary impact as “nonsense” and supported implementing broad tariffs “country by country” to pressure nations into reducing barriers to US exports.
The confirmation comes as Trump announced plans for “reciprocal” tariffs that would match other countries’ higher tax rates on US goods. The administration has already imposed 10% tariffs on Chinese imports and raised taxes on foreign steel and aluminum, while threatening 25% tariffs on Canadian and Mexican goods, currently delayed until March 4.
Lutnick led Cantor Fitzgerald through its recovery after the September 11, 2001, attacks, which claimed the lives of 658 of the firm’s employees, including his brother. He serves on the Board of Directors of the National September 11 Memorial & Museum.
A supporter of Bitcoin and stablecoins
Lutnick has been vocal about his support for Bitcoin and stablecoins.
“Bitcoin is like gold and should be free trade everywhere,” Lutnick said at a Bitcoin conference earlier this year. “We’ll do everything in our power to make it so.”
In a CNBC podcast last year, Lutnick expressed his specific support for Bitcoin, stating that other coins “are just not a thing.” He also voiced support for USDT and USDC, two leading stablecoins.
Cantor Fitzgerald manages Tether’s US Treasury holdings backing its USDT stablecoin and recently launched a $2 billion Bitcoin financing operation. The firm acquired a 5% stake in Tether worth about $600 million, according to the Wall Street Journal.
As part of his confirmation, Lutnick has committed to resigning from Cantor and divesting his business holdings to comply with government ethics requirements.
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