On Nov. 19, 2024, President-elect Donald Trump announced Howard Lutnick, CEO of Cantor Fitzgerald, as his choice for Secretary of Commerce. Lutnick, a vocal proponent of Bitcoin and a key figure in the cryptocurrency world, has long advocated for digital assets. His firm, Cantor Fitzgerald, has managed Tether’s U.S. Treasury and bond portfolios since 2021, and Lutnick has publicly supported Tether's financial stability. He has also voiced strong opinions on Bitcoin, describing it as a commodity and criticizing U.S. regulators for their lack of understanding of cryptocurrencies.

Initially, Lutnick sought the role of Treasury Secretary, reportedly hoping to leverage his extensive ties to the financial and cryptocurrency sectors to influence digital asset regulation. However, his push for the Treasury position led Trump to appoint him as Commerce Secretary instead. This shift in position means that Lutnick will have less direct control over cryptocurrency regulation, an area where he had reportedly hoped to make a significant impact. Nevertheless, his selection still signals the Trump administration's ongoing focus on the crypto market.

As Commerce Secretary, Lutnick will oversee key aspects of U.S. trade policy, including tariffs, international trade, and agencies like the U.S. Patent and Trademark Office. While this position does not grant him authority over financial regulation, his influence in cryptocurrency circles remains significant. His business dealings, particularly with Tether, place him at the intersection of traditional finance and the emerging world of digital assets.

Lutnick’s stance on cryptocurrency is expected to shape his approach to broader economic policy. Although his new role is not directly involved in regulating digital currencies, his past advocacy and expertise in the field may still influence future policies related to blockchain technology and crypto markets. His actions at the Commerce Department could contribute to the ongoing evolution of the relationship between traditional finance and cryptocurrencies in the U.S. economic landscape.