Main to remember
- Howard Lungick confirmed the American secretary to trade with a vote of the Senate 51-45.
- Lutnick is a Bitcoin defender in the implementation plans for Trump’s pricing policies.
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Howard Lungick, former CEO of Cantor Fitzgerald and Bitcoin lawyer, won the Senate confirmation on Tuesday as a trade secretary during a vote of 51-45, positioning him to direct the trade order of President Donald Trump to Commerce department.
As a secretary to trade, Lutnick will supervise 50,000 employees responsible for economic statistics, census operations and weather reports. He should focus on the implementation of the Trump import tax agent alongside the candidate for the Jamieson Greer sales negotiator.
During his confirmation hearing, Lutnick rejected concerns about the inflationary impact of prices as “nonsense” and supported the implementation of wide “country by country” to put pressure on nations to Reduce obstacles to American exports.
Confirmation comes when Trump has announced that “reciprocal” prices plans that correspond to the higher tax rates of others on American products. The administration has already imposed 10% prices on Chinese imports and has increased taxes on foreign steel and aluminum, while threatening 25% of prices on Canadian and Mexican products, currently delayed until March 4 .
Lutnick conducted Cantor Fitzgerald thanks to his recovery after the attacks of September 11, 2001, which cost the company’s employees to 658, including his brother. He sits on the board of directors of the Memorial and National Museum of September 11.
A Bitcoin and Stablecoins supporter
Lutnick is a strong Bitcoin supporter. The 63 -year -old businessman has always expressed his admiration for Bitcoin, comparing it to gold and pleading for its free global trade without restrictions.
“Bitcoin is like gold and should be free trade everywhere,” said Lux at a Bitcoin conference earlier this year. “We will do everything in our power to do it.”
LITNICK considers Bitcoin as a rare and precious asset. Cantor Fitzgerald, under his management, launched initiatives such as a financing operation of $ 2 billion Bitcoin, which is part of Lutnick’s commitment to integrate cryptocurrency into traditional finance. In a CNBC podcast last year, Lutnick expressed his specific Bitcoin support, declaring that other pieces “are simply not one thing”.
He criticized the regulatory ambiguity in the United States concerning digital assets and clear policies defenders in order to promote the consumer adoption of Bitcoin by financial institutions.
Lutnick also supports other cryptographic innovations, such as USDT and USDC Stablecoins.
Cantor Fitzgerald manages Us Treasury Holdings of Tether supporting its stablecoin USDT and recently launched a Bitcoin financing operation of $ 2 billion. Last year, the company acquired a 5% stake in Tether worth around 600 million dollars, according to the Wall Street Journal.
Following his confirmation, Lutnick resigned from his post as President and CEO of Cantor Fitzgerald, to give in his commercial assets to comply with the government’s ethics requirements.
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