Wall Street billionaire Howard Lutnick has been confirmed by the U.S. Senate as the next Secretary of Commerce. Over the coming years, he will support Donald Trump’s trade policies and is reportedly also being considered to lead the yet-to-be-established U.S. sovereign wealth fund.

Interestingly, Lutnick is a strong supporter of Bitcoin.

Howard Lutnick and Bitcoin

Howard Lutnick has repeatedly expressed his optimism about Bitcoin’s potential. He even stated that he would “buy the dip” if Bitcoin experienced a price correction.

He is also the CEO of Cantor Fitzgerald, a firm that holds shares in Tether, the issuer of the world’s largest stablecoin.

Notably, Lutnick has announced plans to sell all of his shares in 818 companies as well as other private investments within the next 90 days.

He has until May 19 to complete the liquidation.

As of now, Lutnick officially heads the U.S. Department of Commerce, overseeing a department with approximately 50,000 employees.

Key Banking Partner for Tether

Cantor Fitzgerald, the company Lutnick leads as CEO, is considered one of Tether’s most critical banking partners—especially after many other financial institutions distanced themselves from the stablecoin issuer.

Under Lutnick’s leadership, Cantor Fitzgerald helped manage Tether’s reserves, which are currently estimated at around $141 billion.

Regulatory Concerns from Senator Elizabeth Warren

Last month, Senator Elizabeth Warren publicly voiced concerns over Lutnick’s connections to Tether.

She fears that he could gain too much influence over stablecoin regulation.

However, Warren is known for finding issues with almost everything. Even before Lutnick officially takes office, she is already raising alarms.