Cantor Fitzgerald CEO Howard Lutnick advocates for Bitcoin to be classified as a commodity, citing its similarities to gold and oil.
Cantor Fitzgerald CEO Howard Lutnick appeared on Fox Business on Sept. 27 and urged regulators to classify Bitcoin as a commodity, similar to gold and oil.
In the Mornings with Maria interview, Lutnick stated that the status of Bitcoin as a commodity is well-established and called for clearer regulation of the cryptocurrency space:
“Bitcoin is a commodity. It should be treated like gold and like oil. It’s just a commodity.”
Bitcoin as a commodity
Maria asked Lutnick whether he believed “commodities and other things that are traded on” Cantor Fitzgerald’s exchange would experience similar regulations to those in equities.
Lutnick said he believes commodities and equities will merge over a long period of time, “over maybe 20 years.”
The CEO emphasized his concern over regulators’ inability to grasp the importance of BTC and the broader digital asset industry:
“Let’s face it: they don’t even know how to do crypto and digital at all, and they have no idea; they still don’t understand how important it is to get it right.”
Cantor Fitzgerald’s $2 billion BTC lending program
On July 27, at the Bitcoin 2024 conference in Nashville, Tennessee, Lutnick announced the launch of a BTC lending program, offering “leverage to those who own Bitcoin.”
The financial services firm’s CEO said it would launch “with $2 billion of lending” through its “Bitcoin financing business.”
In his closing statement at the conference, Lutnick said the firm would welcome “Bitcoin into the financing family of the global financial market.”
Lutnick to co-lead Trump transition team
In an Aug. 16 statement, former United States President Donald Trump’s campaign team said that Lutnick would co-lead the Republic nominee’s transition team if he wins the presidential election in November.
Alongside World Wrestling Entertainment co-founder Linda McMahon, Lutnick will oversee the organization of policies and staff management within the transition team.
Alex Grieve, Paradigm’s government affairs lead, stated in an Aug. 16 X post that Lutnick’s inclusion in the team is “huge for crypto” because the Cantor Fitzgerald CEO is “a big crypto bull.”
