US Senate Confirms Howard Lutnick as Commerce Secretary Under President Trump

The US Senate has confirmed Howard Lutnick, the former CEO of Cantor Fitzgerald, as the 41t Secretary of Commerce under President Donald Trump. Lutnick’s confirmation, which passed with a 52-45 vote on February 18, paves the way for him to help steer the administration’s ambitious trade policies.

Following his confirmation, Lutnick stepped down from his position as CEO of Cantor Fitzgerald, the financial services firm where he had led operations for over two decades. His appointment marks a significant shift, as he takes on the responsibility of overseeing the Department of Commerce, which employs roughly 50,000 staff. The department’s duties include managing business data, overseeing patents, promoting foreign investment, and even forecasting the weather.

Lutnick, a known crypto advocate, will also play a key role in supporting President Trump’s trade agenda, which includes imposing tariffs on imports from key trading partners. Trump has already levied a 10% tariff on Chinese imports and raised taxes on foreign steel and aluminum. He has also threatened to introduce a 25% tariff on goods from Canada and Mexico, though this decision has been delayed until March.

During his confirmation hearing, Lutnick strongly supported Trump’s approach, dismissing concerns that tariffs would lead to inflation, which he called “nonsense.” He emphasized his belief in creating a trade system that offers more “reciprocity, fairness, and respect” for the United States.

Lutnick’s ties to the cryptocurrency world are also noteworthy. Cantor Fitzgerald has been one of the most important banking partners for Tether, the issuer of the popular stablecoin USDT. At one point, Cantor Fitzgerald held a significant portion of Tether’s reserves, which were valued at over $134 billion in November 2023. These reserves have since grown to more than $141.7 billion, according to Tether’s official website.

In December 2023, Lutnick publicly expressed his support for cryptocurrencies, particularly Bitcoin, citing its halving cycles and decentralized nature as reasons he believes in its long-term value. His personal ties to Tether, however, raised concerns, particularly from Senator Elizabeth Warren, who pressed Lutnick about his connections to the stablecoin issuer during his confirmation process. Warren questioned whether these ties could create conflicts of interest, given Lutnick’s future access to high-level officials, including President Trump.

Despite these concerns, Lutnick committed to selling his shares in all 818 businesses and private investments within 90 days of his confirmation, which will occur by May 19. This includes any remaining stakes he holds in Cantor Fitzgerald and its related ventures.

Lutnick’s confirmation comes just three months after President Trump selected him to replace Gina Raimondo as Commerce Secretary for his second term in office. As Secretary of Commerce, Lutnick will be tasked with driving the administration’s trade policies, overseeing regulatory matters, and helping shape the country’s economic future at a time when global trade and digital currencies are facing increased scrutiny.