Cantor Fitzgerald CEO Howard Lutnick advocates for regulators to recognize Bitcoin (BTC) as a commodity, similar to gold and oil.
Lutnick expressed his views during an interview on Fox Business show “Mornings with Maria” on Sept. 27, where he criticized regulators for lacking understanding and supervision in the digital asset sector.
He highlighted the necessity for regulators to comprehend the significance of Bitcoin and other cryptos for effective regulatory oversight.
Lutnick emphasized the need for regulators to grasp the concept of Bitcoin as a commodity and provide appropriate supervision for the evolving industry.
US SEC Chairman Gary Gensler also supports the classification of Bitcoin as a commodity, yet it has not received widespread regulatory approval akin to traditional commodities.
Bright Future for Bitcoin
Cantor Fitzgerald’s upcoming $2 billion financing service for Bitcoin investors aims to provide leverage options and bridge the gap between traditional finance and crypto.
Lutnick envisions a future where banks and financial institutions will engage with Bitcoin more freely, once regulatory barriers are resolved. He predicts a significant uptick in Bitcoin adoption within the next five years.
Recent developments, such as BNY Mellon’s regulatory exemption for a Bitcoin custody service, indicate a shift towards mainstream acceptance of Bitcoin within traditional finance.
