Donald Trump has chosen Wall Street billionaire and supporter $BTC , Howard Lutnick, as Secretary of Commerce, according to reports from the Wall Street Journal. This is an important role in the administration, but it does not have as much influence as the position of Secretary of the Treasury that Lutnick had previously desired and campaigned hard to obtain.

1. Howard Lutnick and the new role

  • If confirmed by the U.S. Senate, Lutnick will oversee:

    • International trade and tariffs.

    • Conducting the national census.

    • Managing the U.S. Patent and Trademark Office.

  • Lutnick is currently co-chairing Trump's transition team and is known for his pro-cryptocurrency views, especially regarding Bitcoin.

2. Failure to secure the position of Secretary of the Treasury

  • Lutnick has lobbied strongly to become Secretary of the Treasury, but this seems to have irritated Trump and turned to other candidates.

  • As Secretary of the Treasury, Lutnick could:

    • Reverse Biden's anti-cryptocurrency policies.

    • Promote Trump's strategic Bitcoin reserve plan.

However, the role of Secretary of Commerce has less power in shaping cryptocurrency policy compared to the Secretary of the Treasury.

3. Who will hold the position of Secretary of the Treasury?

  • Trump is currently considering two new candidates for this position:

    • Kevin Warsh, former Governor of the Federal Reserve, who supports the creation of central bank digital currency (#CBDC ). However, this plan is opposed by many in the cryptocurrency industry due to privacy concerns.

    • Marc Rowan, a Wall Street investor, who has expressed skepticism about the role of digital assets in the U.S. economy.

Both candidates have no close ties to cryptocurrency like Lutnick.

4. Lutnick and influence in cryptocurrency

  • Lutnick is a strong supporter of Bitcoin and #Tether . His company, Cantor Fitzgerald, is currently holding billions of USD in assets for Tether, the world's largest stablecoin.

  • Lutnick's new role may have less influence on cryptocurrency policy, but he will still play a supportive role in promoting trade related to digital assets.

Conclusion

Lutnick's appointment as Secretary of Commerce instead of Secretary of the Treasury is a small setback for those hoping for a more proactive cryptocurrency policy from the Trump administration. However, the game is not over yet, and the choice of who will head the Treasury Department will determine the major direction for the cryptocurrency industry in the future.