The U.S. Senate has confirmed Howard Lutnick, a pro-cryptocurrency candidate, as the 41st U.S. Commerce Secretary with a majority vote of 51 in favor and 45 against.

In his new role, Lutnick will focus on job creation, economic growth, and fostering innovation, aligning with the goals of the Department of Commerce. He will also support President Donald Trump’s trade policies, including the use of import tariffs as a tool for negotiating trade agreements.

During his confirmation hearing, Lutnick challenged the notion that tariffs lead to inflation and endorsed their use to encourage other countries to open their markets to U.S. goods.

Lutnick previously served as Chairman and CEO of Cantor Fitzgerald for many years. Following his confirmation, he resigned from his executive position at Cantor to comply with government ethics standards. Cantor Fitzgerald announced his resignation, along with his plans to divest his business interests in Cantor Fitzgerald, BGC Group, Inc., and Newmark Group, Inc.

Cantor Fitzgerald has been active in the cryptocurrency space, providing custody services for Tether’s USDT stablecoin, which has a market capitalization of $141.7 billion. Lutnick is a supporter of Tether, having stated at the Bitcoin 2024 conference that Tether is fully backed by reserves.

Lutnick’s support for the digital asset industry extends beyond Tether. He has publicly disclosed his personal and professional investments in Bitcoin, comparing it to gold and advocating for its free trade.

Other Bitcoin supporters, including MicroStrategy CEO Michael Saylor and Senator Cynthia Lummis, have praised Lutnick’s confirmation and expressed confidence in his ability to revitalize the U.S. economy.