According to recent reports, Howard Lutnick, CEO of asset management firm Cantor Fitzgerald and a prominent supporter of cryptocurrency initiatives, is expected to be… nominated By President-elect Donald Trump to head the US Department of Commerce (DOC).
This nomination comes amid growing speculation regarding Lutnick’s influence in shaping policies that could significantly impact the cryptocurrency industry.
Pro-crypto Leader Prepares to Head DOC
As the public face of Trump’s transition team, Lutnick has been a vocal advocate for the incoming administration’s agenda, especially on economic policies and tariffs.
The Commerce Department is poised to play a critical role in implementing Trump’s proposed tariffs on imported goods, which could have wide-ranging impacts on the US economy.
Although not confirmed, Lutnick’s new position in the Trump administration will not be directly related to the crisis Digital assets industry. However, it has not been announced that his role at Cantor Fitzgerald will change following this potential appointment.
However, Lutnick’s support for the cryptocurrency ecosystem has been strong, as earlier this year the company he heads, which has a market capitalization of $13.2 billion, Announce It plans to launch a specialized Bitcoin financing business aimed at providing leverage to investors in the cryptocurrency market.
Lutnick emphasized the company’s commitment to bridging the gap between traditional finance and digital assets, saying: “We are excited to help unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets.”
In addition to his work at Cantor Fitzgerald, Lutnick’s connection to the cryptocurrency space extends to Tether, the world’s largest stablecoin issuer. Recently, Tether acquired A $100 million stake in Bitdeer Technologies Group, a US-listed bitcoin mining company, with the deal facilitated by Cantor Fitzgerald.
Lutnick expects a significant increase in the value of Bitcoin
Considering the relationship between Bitcoin and mainstream finance, Lutnick acknowledged the progress made over the past five years, Pointing out Existing barriers. “In the past five years, Bitcoin has been an outsider in the financial business but it is getting closer and closer,” he noted.
Despite the advent of Bitcoin Exchange-traded funds (ETFs) in the US A year after the SEC’s approval, Lutnick emphasized that traditional banks still face challenges in providing bitcoin-related transaction and custody services.
However, Lutnick remains optimistic about Bitcoin’s future, claiming that Bitcoin is a financial asset and the market will treat it as such. “When that happens, you will see Bitcoin move in a very strong positive direction.” He believes that as BTC acceptance increases in… Financial sectorIts value will rise significantly over the next five years.
While the transition team waits for Lutnick’s nomination to be confirmed, attention is also focused on who will be appointed to lead the Treasury Department. Elon Musk, who is involved in the new Department of Government Efficiency (DOGE), has publicly backed Lutnick in the Treasury role.
At the time of writing, Bitcoin is trading at $93,100, approaching its record high of $93,300 set last week.
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