Trump Nominates Howard Lutnick as Commerce Secretary
President-elect Donald Trump has nominated crypto supporter Howard Lutnick, CEO of Cantor Fitzgerald, to lead the Department of Commerce. The Wall Street Journal reported this selection, which Trump later confirmed on Truth Social.
Lutnick previously was considered for the treasury secretary position and has expressed that traditional finance (TradFi) entities would engage with bitcoin more actively once regulatory conditions improve. His comments on bitcoin were highlighted in a September newsletter edition.
Trump's election appears to align with his previous commitments regarding cryptocurrency, including intentions to replace SEC Chair Gary Gensler. Following this news, Bitcoin's value exceeded $93,900, marking a 3.7% increase within 24 hours.
Lutnick noted in a September video that as banks gain the ability to clear, custody, and transact in bitcoin without regulatory hindrances, Bitcoin’s market presence will grow. His firm also counts stablecoin issuer Tether among its clients, a company that has denied any federal investigations.
There are questions surrounding Lutnick's potential conflicts of interest should he assume this cabinet role.