On Sept. 27, Howard Lutnick, the CEO of financial Cantor Fitzgerald, appeared on Fox Business and urged regulators to classify Bitcoin as a commodity, similar to gold and oil.

In the “Mornings with Maria” interview, Lutnick stated that Bitcoin’s ( BTC ) status as a commodity is well-established and called for clearer regulation of the cryptocurrency space.

“Bitcoin is a commodity. It should be treated like gold and like oil. It’s just a commodity.”

Related: Cantor Fitzgerald CEO to co-lead Trump transition team

Bitcoin as a commodity

Maria asked Lutnick whether he believed “commodities and other things that are traded on” Cantor Fitzgerald’s exchange would see similar regulations as we see in equities

Lutnick expressed that he believes commodities and equities will merge over a long period of time, “over maybe 20 years.”

The CEO emphasized his concern over regulators’ inability to grasp the importance of BTC and the broader digital asset industry.

“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.” 

Related: Cantor Fitzgerald announces $2B Bitcoin financing business

Cantor Fitzgerald’s $2 billion BTC lending program

On July 27, Lutnick announced the launch of a BTC lending program at the Bitcoin 2024 conference, offering “leverage to those who own Bitcoin.”

The financial services firm’s CEO said it would launch “with $2 billion of lending” through its “Bitcoin financing business.”

In his closing statement at the conference, Lutnick said the firm would welcome “Bitcoin into the financing family of the global financial market.”

Related: 11 Bitcoin miners may not mine profitably post halving — Cantor Fitzgerald

Lutnick to co-lead Trump transition team

In an Aug. 16 statement, former United States President Donald Trump’s campaign team said that Lutnick would co-lead the Republic nominee’s transition team if he wins the US elections in November.

Alongside World Wrestling Entertainment co-founder Linda McMahon, Lutnick will oversee the organization of policies and staff management within the transition team.

Alex Grieve, Paradigm’s government affairs lead, stated in an Aug. 16 X post that Lutnick’s inclusion in the team is “huge for crypto” because the Cantor Fitzgerald CEO is “a big crypto bull.”

Magazine: Worldcoin fined again! Crypto store clerk runs off with $500K cash: Asia Express