What happened?

US President-elect Donald Trump announced on November 19 that he nominated Howard Lutnick, CEO of Cantor Fitzgerald, for the Secretary of Commerce, which has caused widespread attention.

Rutnik is known for his active role in the cryptocurrency field, and his company has been responsible for managing the large-scale US Treasury assets of Stable Coin Tether (USDT) since 2021, and will expand to bond investment portfolios in 2023.

Trump's new cabinet nomination: Howard Rutenberg to succeed as Secretary of Commerce

According to a report by The Wall Street Journal on November 19th, US President-elect Trump has chosen Howard Lutnick, CEO of Cantor Fitzgerald, a US Financial Service company, as the Secretary of Commerce.

In his statement, Trump said he would be responsible for leading America's tariff and trade policies and directly overseeing the relevant business of the Office of the United States Trade Representative.

The role of the Secretary of Commerce is crucial to promoting the development of the U.S. economy domestically and internationally, and Rutenic's expertise in finance and Crypto Assets will be a major advantage for him in carrying out these tasks.

However, Rutnick's nomination still faces some doubts from Congress and the public. Many question his close ties to the Cryptocurrency industry, which could potentially lead to conflicts of interest.

Howard Rattner: From Wall Street tycoon to Secretary of Commerce

Howard Lutnick, the legendary financial tycoon, is not only the CEO of Cantor Fitzgerald, a US Financial Service company, but also an enthusiastic advocate of Crypto Assets.

His life story can be said to be a rise from adversity in a dramatic turn. September 11, 2001 - the 9/11 attacks - his company lost 658 employees due to the terrorist attacks, including his own brother. As a survivor, Lutnick took on the burden of rebuilding the company, pulling it back from the shadow of disaster to the heart of Wall Street.

Under the leadership of Lutnick, BGC has gradually transformed, focusing not only on the bond market, but also becoming an important participant in the field of Crypto Assets.

Starting from 2021, his company began to manage the massive US Treasury bond reserves of Tether (USDT), the leader in stablecoin issuance, and in 2023, it will further take over its bond portfolio, becoming the financial backbone behind the stablecoin market.

Rutenik is not only a fan of Tether stablecoin, but also has an almost obsessive love for BTC. He once exclaimed in a speech, 'Only BTC, no other coin!' This passionate declaration quickly became a hotly discussed phrase in the circle.

However, Rutnik's contribution is not only this. He also led a $2 billion Bitcoin financing plan for Kant Fitzgerald, providing investors with the option of Margin Trading, opening a new door connecting TradFi and the crypto world.

Despite the slow progress of regulatory agencies and the market turbulence, Rutnick still firmly believes that encryption currencies will change the world, and constantly criticizes current regulatory policies as 'not understanding encryption or the importance of the digital age'.

Rutenik's nomination reflects the Trump administration's strategic layout in economic policy and technological innovation. With the rapid development of the US encryption currency market, Rutenik's appointment may bring significant changes to the regulatory environment and inject new impetus into the competitiveness of US companies in the global market. However, whether he can balance commercial interests and public trust still needs to be verified over time.

[Disclaimer] The market carries risks, and investments should be made with caution. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are applicable to their specific circumstances. Any investment made based on this article is at one's own risk.

This article is authorized for reprint from: "Web3+"

Original author: Shao Yuanting

Original Title: "'Only Bitcoin, other coins are not worth anything!' Is the new US Secretary of Commerce a number one fan of Crypto Assets?"

'BTC is the only faith! The new US Secretary of Commerce's crazy declaration: other coins are nothing.' This article was first published on 'encryption city'.