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TradFi Companies 'Want to Transact in Bitcoin,' Says Cantor Fitzgerald CEO
Howard Lutnick was picked by Donald Trump to chair his presidential transition team last month
Updated Sep 4, 2024, 8:32 a.m. Published Sep 4, 2024, 8:29 a.m.
- Howard Lutnick says banks want to transact in BTC as a new asset class but are being held back the existing requirements of U.S. regulators.
- "That's why they don't hold it. But if the regulatory environment was good, you will see all the traditional financial companies go head first into bitcoin," he said.
Cantor Fitzgerald CEO Howard Lutnick has said traditional financial (TradFi) companies "want to transact in bitcoin" as a new asset class but are being held back by the existing requirements of U.S. regulators.
Lutnick said in an X post on Tuesday that bitcoin {{BTC}} was an "outsider to the TradFi community [that's] only now dipping its toe into global finance."
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"If a bank were to hold your bitcoin, they would have to set aside their own money equal to that amount, sort of 'in jail'. That's why they don't hold it. But if the regulatory environment was good, you will see all the traditional financial companies go head first into bitcoin," Lutnick said.
As well as being CEO of Cantor Fitzgerald, which unveiled its plans to open a bitcoin financing business in June, Lutnick was also picked by the pro-crypto Republican candidate Donald Trump to chair his presidential transition team.
Cantor Fitzgerald, which owns a "s***load" of bitcoin, according to Lutnick, plans to launch its bitcoin financing business with $2 billion in lending, providing leverage to BTC holders. It already handles U.S. Treasury trading with stablecoin issuer Tether.
Read More: Trump's New Crypto Business to Offer Access to 'High-Yield' Investments, Website Says
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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