Howard Lutnick, confirmed as the 41st U.S. Secretary of Commerce, has stepped down as Chairman and CEO of Cantor Fitzgerald, L.P., and will divest his business interests in compliance with government ethics regulations. Bitcoiner Howard Lutnick Confirmed as Commerce Secretary

In his new role, Lutnick asserted that President Trump seeks to dismantle the IRS in favor of an "External Revenue Service" funded through tariffs and foreign revenue. He also highlighted Elon Musk’s leadership in a White House initiative to cut $1 trillion in spending, eliminate tax loopholes, and overhaul the federal tax structure amid reports of widespread IRS layoffs.

Lutnick is widely recognized for his strong support of bitcoin.

Bitcoin falls to $93K, rebounds to $97K this week

Bitcoin had a turbulent typical week, dipping from $98K to $93K before climbing back to $97K today.

The volatility reflects shifting market sentiment and the usual ups and downs of crypto trading.

Fidelity Digital Assets publishes research on Lightning Network

Lightning network company Voltage provided data for Fidelity Digital Assets research.

Fidelity said the Bitcoin payment network is rapidly evolving, making Bitcoin transactions faster, cheaper, and more efficient. While significant lightning nodes hold most of the liquidity, smaller ones drive peer-to-peer payments through multiple channels.

Fidelity says adoption is booming, with businesses using Lightning for payments, streaming money, and even AI-driven microtransactions. They anticipate that in the near future, stablecoins, taproot assets, and institutional use could push Lightning even further.

SEC launches CETU to tackle crypto, AI scams and cyber fraud

The SEC has launched the Cyber and Emerging Technologies Unit (CETU) to crack down on cyber-related fraud and protect retail investors.

The unit is likely a response to the growing wave of meme coin scams in the wake of Gensler’s resignation and the SEC’s ongoing lack of regulatory clarity.

Led by Laura D’Allaird, this new unit brings together fraud specialists and attorneys to tackle issues like blockchain fraud, AI-driven scams, and cybersecurity violations. Acting Chairman Mark T. Uyeda emphasized that CETU won’t just go after bad actors. It will also help foster innovation and keep markets running smoothly.

Fold holdings debuts on Nasdaq

On February 19th, Fold Holdings became the first bitcoin financial services firm to trade on Nasdaq.

Founded in 2019, the company aims to expand access to Bitcoin investment opportunities and currently holds 1,000 BTC, valued at approximately $94 million. Following its market debut, FLD surged to nearly $13 per share before retreating to around $10 by February 20th.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions. The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of TheStreet Crypto. This piece is for informational purposes only and should not be considered financial or investment advice.