What happened?
President-elect Trump announced on November 19 that he has nominated Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce, which has attracted widespread attention.
Lutnick is known for his active role in the cryptocurrency field; his company has been responsible for managing the large-scale U.S. Treasury assets of the stablecoin Tether (USDT) since 2021 and expanded into bond portfolios in 2023.
Trump's new cabinet nomination: Howard Lutnick to take over as Secretary of Commerce
According to a report by The Wall Street Journal on November 19, President-elect Trump has chosen Howard Lutnick, CEO of Cantor Fitzgerald, to serve as Secretary of Commerce.
Trump stated in a statement that he will be responsible for leading U.S. tariff and trade policy and directly overseeing the Office of the United States Trade Representative's related business.
The role of Secretary of Commerce is crucial for promoting the development of the American economy both domestically and abroad, and Lutnick's expertise in finance and cryptocurrency will be a significant advantage in executing these tasks.
However, Lutnick's nomination is still met with some skepticism from Congress and the public, with many questioning that his close ties to the cryptocurrency industry could likely lead to conflicts of interest.
Howard Lutnick: From Wall Street Giant to Secretary of Commerce
Howard Lutnick, this legendary financial giant, is both the CEO of Cantor Fitzgerald and a passionate advocate for the cryptocurrency world.
His life story can be described as a rise from adversity in the midst of a dramatic change. On September 11, 2001—the 9/11 attacks—his company lost 658 employees due to the terrorist attacks, including his own brother. As a survivor, Lutnick took on the burden of rebuilding the company, pulling it back into the core stage of Wall Street from the shadow of disaster.
Under Lutnick's leadership, Cantor Fitzgerald gradually transformed, not only focusing on the bond market but also becoming an important player in the cryptocurrency field.
Since 2021, his company has begun managing the massive U.S. Treasury reserves of the stablecoin issuer Tether (USDT) and in 2023, further took over its bond portfolio, becoming the financial pillar behind the stablecoin market.
Lutnick is not only a fan of the Tether stablecoin, but his love for Bitcoin is also almost obsessive, having once exclaimed during a speech: "Only Bitcoin, other coins are nothing!" This fervent declaration quickly became a hot topic within the community.
However, Lutnick's contributions go beyond this. He also led a $2 billion Bitcoin financing plan for Cantor Fitzgerald, offering investors leveraged trading options and opening a new door for the connection between traditional finance and the cryptocurrency world.
Even in the face of slow progress from regulators and market volatility, Lutnick remains confident that cryptocurrency will change the world, continuously criticizing current regulatory policies as "neither understanding crypto nor the importance of the digital age."
Lutnick's nomination reflects the Trump administration's strategic layout in economic policy and technological innovation. With the rapid development of the U.S. cryptocurrency market, Lutnick's appointment could bring significant changes to the regulatory environment and inject new momentum into the competitiveness of American companies in the global market. However, whether he can balance business interests with public trust remains to be seen.
References: coindesk, cointelegraph
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