In a positive turn of events, the US Senate approved pro-crypto Howard Lutnick as the 41st Secretary of Commerce, placing a pro-crypto financier in command of U.S. economic and trade policy.
The New York Times reports that on Tuesday, February 18, the Senate confirmed Lutnick by a vote of 51-45. Former Cantor Fitzgerald CEO Lutnick has been a fervent supporter of Tether (USDT) and Bitcoin (BTC).
Lutnick’s Previous Statement On Crypto
Similar to gold, Lutnick has previously said that Bitcoin “should be free to trade everywhere in the world.”
In his defense of Tether’s USDT reserves at the 2024 Bitcoin Conference, he claimed that they were entirely backed by U.S. Treasuries, Bitcoin, and gold.
The appointment comes as yet another pro-crypto choice for a top position.
Trump’s Administration Sees More Crypto Favoring People in High Positions
A change toward increased acceptance and integration of cryptocurrencies within the U.S. economic landscape was indicated by the nomination of multiple pro-crypto individuals to important positions during Donald Trump’s administration.
Trump’s pro-business views extended to digital assets and blockchain technology, with officials like former Acting Comptroller of the Currency Brian Brooks, who had worked with cryptocurrency companies in the past, calling for a more crypto-friendly regulatory framework.
These appointments contributed to the advancement of the notion that cryptocurrencies and blockchain technology may be significant components of the American financial system.
Modernizing banking regulations to better support innovations like Bitcoin and Ethereum was a priority under Trump, setting the stage for future cryptocurrency adoption and investment in the U.S. market.
Trump’s Pro-Crypto Agenda Propels US Crypto Sector
The administration of Donald Trump supported innovation in digital assets and promoted a pro-business atmosphere in an effort to boost the U.S. cryptocurrency market.
The establishment of a more crypto-friendly regulatory framework was greatly aided by important appointments, such as Brian Brooks as the Acting Comptroller of the Currency.
By providing clarification on how cryptocurrency assets may be incorporated into traditional finance, Brooks aimed to guarantee that financial institutions could interact with cryptocurrencies more freely. Trump also prioritized lowering regulatory obstacles, which drew in more capital for the cryptocurrency industry.
More innovation was also made possible by Trump’s endorsement of blockchain technology as a game-changer for sectors like supply chain and banking. In the quickly changing cryptocurrency business, his policies helped establish the United States as a global leader.