US Senate confirms Howard Lutnick as commerce secretary

The US Senate approved Howard Lutnick as 41st trade secretary, putting a pro-Crypto financier in charge of American trade and economic policy.

The Senate confirmed Lodnick with a vote of 51 to 45 years led on Tuesday, February 18, according to has The New York Times. The former CEO of Cantor Fitzgerald, Lutnick, was a solid supporter of Bitcoin (BTC) and Tether (USDT).

Bitcoin “should be free to negotiate all over the world,” said Lodnick, comparing it to gold. He defended Tether’s USDT reserves at the Bitcoin 2024 conference, saying that they were entirely supported by gold, bitcoin and American treasury bills.

He also rejected concerns about Stablecoins’ Role in illegal funding during its Senate confirmation audience. Since the dry examines the requests to staking In ETHEREUM ETHERE, his appointment can influence a change in the position of the trade department on digital assets.

Beyond the cryptocurrency, Lutnick will be crucial for Trump’s assertive commercial ambitions. He refuted the arguments according to which the prices cause inflation, calling them “nonsense” and defended the use of prices as a weapon to oblige trade partners to reduce trade barriers.

His position supports Trump’s call to price Costs to protect American companies. Trump’s pressure for higher prices has been criticized for conservative economists who claim that prices are increasing the prices of American consumers.

Lutnick left Cantor Fitzgerald to comply with federal ethics regulations. Cantor has strengthened its links with the cryptocurrency sector by offering attachment care services. He will run a department of more than 50,000 workers in his role as trade secretary, a position in which he will manage commercial policies, technological exports and economic regulations.

Crypto enthusiasts and Trump’s larger economic objectives could both benefit from his confirmation. But its pro-taleor position could worsen tensions with American trade partners, which would likely lead to new commercial negotiations.