Cantor Fitzgerald CEO Howard Lutnick called on regulators to treat Bitcoin (BTC) like gold and oil because it is a commodity.

Lutnick made the statement during an appearance on Fox Business show “Mornings with Maria” on Sept. 27, where he also criticized regulators and lawmakers for failing to supervise and support the digital asset industry.

According to Lutnick, regulators are unable to supervise the industry properly because they don’t understand the importance of Bitcoin and crypto or how important it is to “get it right.”

He said:

“They [regulators and politicians] don’t know how to [regulate] crypto or digital at all… It’s just platitudes… They have no idea what they are talking about.”

Lutnick argued that Bitcoin’s commodity status is crystal clear at this point while acknowledging that other digital assets and currencies are different from the flagship crypto. However, he further stated that the lack of understanding among regulators is baffling for him, saying:

“Why can’t they understand it? It doesn’t make sense to me.”

US Securities and Exchange Commission (SEC) Chairman Gary Gensler recently reaffirmed that the watchdog considers Bitcoin a commodity. However, the flagship crypto has yet to gain the same regulatory acceptance as gold and oil across the board.

Bullish on Bitcoin

Cantor Fitzgerald recently announced plans to launch a $2 billion financing service for Bitcoin investors looking for leverage options.

According to Lutnick, the new platform will help unlock Bitcoin’s full potential and make traditional finance get closer to crypto.

Additionally, in a video on Sept. 3, Lutnick emphasized that traditional financial companies want to transact with Bitcoin. However, he pointed out that current rules in the US demand banks to set cash aside as collateral for the BTC amount they hold, discouraging custody efforts.

Nevertheless, he said banks and other traditional financial institutions will be cleared to transact and custody Bitcoin within five years, claiming:

“Once we get to this party, up we go.”

Meanwhile, recent reports revealed that BNY Mellon was granted a regulatory exemption to create a Bitcoin custody service without being subject to controversial accounting rules, setting the stage for TradFi to begin challenging Coinbase’s dominance in the sector.

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