Senate Joins the Crypto Circus: Lutnick Takes the Helm in the Commerce Fiasco!

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In a spectacle reminiscent of the grand political dramas of old, the U.S. Senate has endorsed the appointment of Howard Lutnick as the 41st Secretary of Commerce—thus ushering in a pro-cryptocurrency czar to oversee the delicate tapestry of American trade and economic policy. A curious decision indeed, as if the Senate had decided to entrust the keys of the treasury to a juggler! 🤹‍♂️

The decisive vote was a narrow 51-45, a theatrical performance that unfolded on the day of February 18th, reported by The New York Times. Lutnick, once the esteemed CEO of Cantor Fitzgerald, has ardently championed the deified Bitcoin (BTC) and its dubious sibling, Tether (USDT). Just what the country needs—an evangelist of digital currency, half invested in a world of numbers and dreams.

In his zeal, Lutnick has boldly asserted that Bitcoin “should be free to trade everywhere in the world,” drawing whimsical parallels to gold—a comparison as wise as suggesting that a clown should perform at a funeral. He stoutly defended Tether’s reserves at the Bitcoin Conference 2024, exclaiming they were fully backed by none other than gold, Bitcoin, and U.S. Treasuries! One can only love the confidence of a man who weaves such comforting fabric out of thin air.

When faced with the specter of concerns regarding the use of stablecoins as conduits for illicit activities during his confirmation hearing, Lutnick shrugged off alarms as if they were loitering cats. The SEC, with its long, ponderous gaze, is scrutinizing Ethereum ETF applications, and Lutnick’s ascendance may tilt the scales towards a more lenient stance in the realm of digital assets.

Yet, beyond the glittering crypto baubles lies an equally daunting task: navigating Trump’s aggressive trade aspirations. Lutnick, ever the contrarian, dispelled claims that tariffs fuel inflation with a dismissive wave, calling such arguments “nonsense.” 📉 Instead, he stood resolute, wielding tariffs as a primitive club against recalcitrant trading partners, insisting on their necessity to flatten trade barriers. It appears he believes that bulldozing one’s way through negotiation is an art form.

Support for Trump’s call for elevated tariffs, aiming to shield American enterprises from the perils of competition, further entangles him in a web of controversy. Conservative economists, donning their academic robes, have denounced this policy as one that burdens American consumers with inflated prices. Quite the conundrum—save the businesses or save the wallets?

In an ironic twist, Lutnick severed ties with Cantor Fitzgerald to comply with federal ethics regulations, while simultaneously fortifying his connections within the cryptocurrency realm by offering custody services to Tether. A champion of the people indeed! He will now preside over a department comprising more than 50,000 souls, tasked with steering the ship of trade policies, technological exports, and economic regulations through the choppy waters ahead.

Crypto enthusiasts and Trump’s grandiose economic dreams may find a mutual benefactor in Lutnick. Yet, his unwavering pro-tariff stance may kindle tensions with U.S. trading partners, leading to new negotiations—a scenario likened to bartering with a genie, only to find a tax bill in hand instead of wishes.

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2025-02-19 09:06