From crypto bro to commerce secretary pick: Howard Lutnick’s glaring conflict of interest
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Trump’s choice shows how his friends and their business interests benefit from policy positions in his administration. “What deeply interests me is the interests of America.”. Howard Lutnick, chairman and CEO of the Wall Street investment bank Cantor Fitzgerald and Donald Trump’s nominee to become the next secretary of commerce, was speaking to an audience of cryptocurrency enthusiasts last April.
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“I can’t be bought off. OK? There’s just no possibility someone can come up and say: ‘Hey, I’ll give you a dollar and can you do this, that or the other thing,’” he said. “What interests me is what’s great for America. And the dollar is great for America.”.
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As senators contemplate Lutnick’s confirmation in coming weeks, they will be asked to allow one of banking’s bitcoin barons to lead an agency with an important role in the cryptocurrency world. The commerce department shapes both domestic economic and international trade policy, and has a “big impacton the crypto industry”, said Tonya M Evans, a law professor at Penn State specializing in fintech and author of Digital Money Demystified. She added that the conflict of interest should bring people pause.
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“Ultimately, it’s important that the public’s trust and confidence in our leadership is not undermined by serious conflicts or even the hint of impropriety,” she said. “Trust in government – like crypto – is very low. And the industry has a golden opportunity to recast crypto’s image. Clear, ethical governance is critical, not just for innovation but for the long-term stability of the crypto economy and US economy more broadly.”.
