The post Howard Lutnick Advocates for Bitcoin to Be Classified as a Commodity on Fox Business appeared on BitcoinEthereumNews.com.

Recently, Cantor Fitzgerald CEO Howard Lutnick advocated for Bitcoin to be classified as a commodity, drawing parallels with gold and oil. Lutnick emphasized the necessity for more evident regulatory frameworks to bring clarity to the cryptocurrency market. “Bitcoin is a commodity. It should be regulated like any other commodity such as gold or oil,” Lutnick asserted in a recent interview. CEO of Cantor Fitzgerald, Howard Lutnick, pushes for Bitcoin’s classification as a commodity akin to gold and oil, urging clearer regulations for the crypto landscape. Lutnick Advocates for Bitcoin’s Classification as a Commodity On September 27, Howard Lutnick, CEO of financial services powerhouse Cantor Fitzgerald, voiced his opinion on Fox Business that Bitcoin (BTC) should be officially recognized as a commodity. He drew comparisons between Bitcoin, gold, and oil, underscoring the need for regulatory clarity in the cryptocurrency sector. Bitcoin’s Unique Status and Regulatory Challenges During his discussion on “Mornings with Maria,” Lutnick articulated that Bitcoin’s status as a commodity is already well recognized and should be reflected in regulatory practices. He criticized the existing regulatory framework for its inability to comprehend the growing importance of digital assets, mentioning the long-term prospects of merging commodities with equities over the next two decades. Lutnick’s statement, “Let’s face it: they don’t even know how to do crypto and digital at all, and they have no idea; they still don’t understand how important it is to get it right,” highlights the regulatory gaps in the current system. Cantor Fitzgerald’s Robust Bitcoin Lending Initiative In a significant move for the cryptocurrency sector, Lutnick announced the initiation of a $2 billion BTC lending program at the Bitcoin 2024 conference held on July 27. This program aims to provide leverage for Bitcoin owners, marking a pivotal development in Cantor Fitzgerald’s efforts to integrate Bitcoin into the…

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Filed under: News - @ September 28, 2024 7:27 am