Cantor Fitzgerald CEO Howard Lutnick called for regulators to treat Bitcoin as a commodity, similar to gold and oil. He criticized regulators and lawmakers for their lack of understanding and ability to properly supervise the digital asset industry. Lutnick believes that regulators need to understand the importance of Bitcoin and crypto in order to regulate them effectively. He also stated that Bitcoin's commodity status is clear, although other digital assets and currencies are different. Lutnick's company, Cantor Fitzgerald, recently announced plans to launch a $2 billion financing service for Bitcoin investors. Lutnick believes that this platform will help unlock Bitcoin's full potential and bring traditional finance closer to crypto. He also expressed optimism that banks and traditional financial institutions will be cleared to transact and custody Bitcoin within the next five years. The recent regulatory exemption granted to BNY Mellon to create a Bitcoin custody service without being subject to controversial accounting rules may contribute to the traditional financial sector challenging Coinbase's dominance.



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