Howard Lutnick, CEO of Cantor Fitzgerald, isn’t mincing words about Bitcoin’s future in the financial landscape. Appearing on Fox Business on September 27, Lutnick made a bold appeal for regulators to recognize Bitcoin as a commodity, like oil and gold. His stance? Bitcoin’s status as a commodity is undeniable, and it’s time for the regulators to catch up.
“Bitcoin is a commodity. It should be treated like gold and like oil. It’s just a commodity,” he told Mornings with Maria. Lutnick’s clear-cut view reflects growing frustration with regulators, who he believes are still fumbling in their understanding of crypto and digital assets.
Bitcoin and Commodities: A Convergence Ahead?
Maria Bartiromo, the show’s host, pressed Lutnick on whether he expected the trading regulations governing commodities to mirror those of equities. Lutnick didn’t hesitate to lay out his vision, predicting that the lines between commodities and equities would blur over time, though it might take a couple of decades. “Over maybe 20 years,” he said, “you’ll see them start to merge.”
But Lutnick is most concerned with the present. According to him, regulators are still far behind, fumbling to grasp the intricacies of Bitcoin and other digital assets. “They have no idea; they still don’t understand how important it is to get it right,” he remarked. His frustration signals the urgency for regulatory frameworks that can match the evolving digital landscape.
Bitcoin Lending: The Next Frontier?
At the Bitcoin 2024 conference in July, Lutnick also made waves by announcing Cantor Fitzgerald’s entry into the Bitcoin lending space. With a massive $2 billion allocated to its Bitcoin financing business, the company plans to offer leverage to BTC holders. The program reflects Lutnick’s belief that Bitcoin belongs within the broader financial ecosystem, signaling Cantor Fitzgerald’s embrace of digital assets.
Meanwhile, Lutnick’s influence in the crypto space may soon extend into the political arena. His recent role as a co-lead of Donald Trump’s transition team, if Trump wins the upcoming presidential election, could bring crypto-friendly voices to the table. Alex Grieve from Paradigm even called Lutnick “a big crypto bull,” highlighting how significant his presence is for the industry.
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