Wall Street Billionaire Howard Lutnick Confirmed as U.S. Commerce Secretary

Howard Lutnick, a seasoned Wall Street executive and a known advocate for Bitcoin, has officially taken the reins as the 41st U.S. Secretary of Commerce. The Feb. 18 Senate confirmation, which passed by a narrow 52-45 vote, cements his position in President Donald Trump’s administration, where he is expected to play a pivotal role in shaping trade policies and economic strategy.

Crypto-Friendly Leadership

Lutnick, the former CEO of financial services powerhouse Cantor Fitzgerald, stepped down from his role immediately after the confirmation. With Cantor Fitzgerald holding a stake in stablecoin issuer Tether, questions arose about his crypto connections, particularly as Tether remains a hot topic in regulatory circles. However, Lutnick has pledged to divest from all 818 private investments he holds, ensuring compliance with government ethics rules within 90 days—a deadline that falls on May 19.

In his new position, Lutnick will oversee around 50,000 employees within the Department of Commerce, handling everything from business data collection and patent administration to weather forecasting and foreign investment policies. His biggest challenge, however, lies in navigating Trump’s aggressive trade agenda, including the proposed import tariffs on key U.S. trading partners.

A Tariff Hardliner

Lutnick’s confirmation comes at a time of heightened global economic tensions. President Trump has already enacted a 10% tariff on Chinese imports, hiked taxes on foreign steel and aluminum, and threatened a 25% tariff on Canadian and Mexican products—a decision currently on hold until early March.

During his Senate confirmation hearing, Lutnick dismissed concerns that higher tariffs could fuel inflation, calling such arguments “nonsense”. He also echoed Trump’s stance on trade, emphasizing the need for reciprocity, fairness, and respect for the U.S. in global commerce.

Beyond trade, Lutnick’s crypto-friendly views have drawn scrutiny, particularly from Senator Elizabeth Warren, who grilled him over his “deep personal ties” to Tether. Warren warned that his proximity to stablecoin issuers could lead to undue influence in policy making, especially given his “extraordinary access” to President Trump.

Lutnick, however, has made no secret of his bullish stance on Bitcoin, highlighting its halving cycles and decentralized nature as key reasons he believes in its long-term value.