Who is Howard Lutnik, U.S. Secretary of Commerce and head of bitcoin strategic reserve management? “There is a new sheriff in town”
Here’s the new head of bitcoin strategic reserve management in the USA.
“There is a new sheriff in town.” That was the welcome message from Howard Lutnik, the man who has taken over as U.S. Secretary of Commerce and head of the bitcoin strategic reserve.
A self-styled Wall Street tough guy, Lutnik served as head of brokerage and investment bank Cantor Fitzgerald before being selected by Trump to take charge of everything from imposing trade restrictions to monitoring the weather.
The cryptocurrency enthusiast has a history of being closely linked with Trump, having appeared on his transition team and, like the president, on the reality TV show ‘The Apprentice’. He even lived in a Trump Palace apartment, before purchasing a 10,600-square-foot townhouse directly next door to Jeffrey Epstein.
He shares a deep affiliation to Trump’s economic policies, including the tariffs imposed across the world that have seen significant backlash. In September he told CNBC that “tariffs are an amazing tool for the president to use — we need to protect the American worker."
“‘There is a new sheriff in town!’ America will be respected by the world once again. The tariffs this month are about saving American lives from the flow of fentanyl coming across our borders. The tariffs on April 2nd are about being treated fairly”, he wrote on Twitter, accompanied with a video.
"There is a new sheriff in town!" America will be respected by the world once again. The tariffs this month are about saving American lives from the flow of fentanyl coming across our borders. The tariffs on April 2nd are about being treated fairly. pic.twitter.com/4xTf1Gi7IR
— Howard Lutnick (@howardlutnick) March 5, 2025
Bitcoin likened to gold by new head of crypto
As appears to be key in this current iteration of the Presidential administration, Elon Musk has also approved of the decision, saying that Lutnik is someone who will “actually enact change”.
And on cryptocurrency itself, Lutnik has publicly lauded Tether and said that Bitcoin should be “like gold” and “should be free trade everywhere in the world."
‘The most hated guy on Wall Street’
“As the largest wholesaler in the world we’re going to do everything in our power to make it so. Bitcoin should trade the same as gold everywhere in the world without exception and without limitation", he concluded at a conference earlier this year.
But it seems that he is not an angel. One report from Forbes claims that “he and his firm have been pulling money from people—clients, investors, colleagues—making Lutnick, according to one former partner, ‘the most hated guy on Wall Street’.”
CNBC hosts literally laugh at Lutnick as he suggests that t-shirts, sneakers, towels, and TVs will again be made in the US as a result of Trump's trade war pic.twitter.com/0ccNlR5kd3
— Aaron Rupar (@atrupar) March 6, 2025
“Lutnick pays himself like a king, cutting into partnership profits”, they added, with “an estimated 40% [of partners] not [ending] up with all their money after departing, according to the lawsuit, which says it was all part of a scheme to fool employees and enrich Lutnick.”
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