Bitcoin Should Be Classified as a Commodity, Similar to Gold and Oil – Cantor Fitzgerald CEO

Cantor Fitzgerald CEO Howard Lutnick appeared on Fox Business on Sept. 27, advocating for Bitcoin as a commodity and urging regulators to approach it similarly to other commodities like gold and oil.

During an interview on Mornings with Maria, Lutnick stressed that Bitcoin’s status as a commodity is already recognized and that more regulatory clarity is needed for the cryptocurrency market.

“Bitcoin is a commodity. It should be treated like gold and oil. It’s just another commodity,” Lutnick said, reinforcing his position.

When asked by Maria whether the commodities traded on Cantor Fitzgerald’s exchange could face similar regulations as equities, Lutnick responded that he believes the two will eventually converge.

“Over the course of maybe 20 years, commodities and equities will likely merge,” Lutnick remarked, hinting at a long-term shift in how these markets are regulated.

He also expressed concern that regulators currently lack a full understanding of Bitcoin and the digital asset industry.

“To be honest, they don’t know how to regulate crypto or digital assets at all. They don’t even understand how important it is to get this right,” he said.

Earlier this year, Cantor Fitzgerald made headlines with the launch of Cantor Fitzgerald’s $2 billion BTC lending program, which Lutnick announced at the Bitcoin 2024 conference in Nashville on July 27. The program offers leverage to Bitcoin holders and is part of the firm’s broader Bitcoin financing efforts.

“We’re kicking off with $2 billion in lending through our Bitcoin financing business,” Lutnick said at the event, signaling the firm’s deeper involvement in cryptocurrency markets. He closed the conference by saying Cantor Fitzgerald is excited to welcome Bitcoin into the global financial market’s financing ecosystem.

In another major development, Lutnick to co-lead Trump transition team was confirmed on Aug. 16. The announcement stated that Lutnick will co-lead the transition team for former President Donald Trump, should he win the 2024 election. Alongside WWE co-founder Linda McMahon, Lutnick will manage policy formation and staffing during the transition.

According to Alex Grieve, Paradigm’s government affairs lead, Lutnick’s role in the team is significant for the cryptocurrency industry, calling it “huge for crypto” because of Lutnick’s well-known bullish stance on digital assets.

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