
President Trump's pro-crypto administration faces controversy as his Commerce Secretary, Howard Lutnick, is accused of conflict of interest.
Trump's aggressive tariff policy, targeting "Dirty 15" countries, has triggered a significant global market crash.
The combined effect of economic instability and ethical questions surrounding key officials may lead to short-term volatility.
Since taking office, U.S. President Donald Trump has taken several steps to support the growth of the cryptocurrency market. His administration has embraced a pro-crypto stance, and part of that effort includes appointing leaders who are supportive of digital assets to key government positions.
One of the most talked-about appointments is Howard William Lutnick as the new U.S. Secretary of Commerce. While many see him as a strong choice, the move has also sparked controversy. Well-known investor Bill Ackman has accused Lutnick of having a conflict of interest – an allegation thatโs now drawing serious attention and debate.
Here’s what you should know.
The โDirty 15โ Tariffs Shake Global Markets
At the same time, President Trump has launched a bold new tariff policy targeting what he calls the โDirty 15โโcountries he claims have hurt the U.S. economy with unfair trade barriers and economic policies.
The global reaction has been immediate and sharp. Major markets have taken a hit in the last 24 hours:
- U.S.: โผ 5.97%
- Europe: โผ 3.81%
- China: โผ 7.34%
- Japan: โผ 7.83%
- India: โผ 3.24%
- South Africa: โผ 0.26%
- Australia: โผ 4.23%
Even gold, a safe-haven asset during uncertainty, fell from $3,131.027 to $3,037.467 between April 3 and 4.
Crypto Feels the Pressure
The cryptocurrency market has also been hit hard. In the past day alone, the market dropped by 11.2%.
- Bitcoin: โผ 7.2%
- Ethereum: โผ 16.7%
- XRP: โผ 14.7%
- BNB: โผ 8.1%
- Solana: โผ 15.6%
- Dogecoin: โผ 15.3%
While crypto is often seen as an alternative during times of economic instability, the current volatility is keeping traders cautious.
Ackman Alleges Conflict of Interest
Amid this economic turmoil, Bill Ackmanโs accusations have added more tension. He claims that Secretary Lutnickโs investment firm holds large positions in long-term government bondsโinvestments that tend to rise in value when the economy slows down.
Recent reports show bond prices are indeed climbing, suggesting that many investors see a slowdown coming. This raises serious questions: could Lutnick be gaining financially from an economy heโs supposed to be helping?
Public Role vs Private Gain?
As Secretary of Commerce, Lutnickโs role is to support and strengthen the U.S. economy. But if his investments do better when the economy gets worse, Ackman argues this could create a dangerous conflict between personal profit and public duty.
He also warns that this situation could weaken President Trumpโs position in key international negotiationsโespecially when it comes to trade and tariffs.
What This Means for Crypto and Investors
The growing controversy and economic instability could further shake investor confidence across the board. If trust in traditional institutions continues to fall, some may turn to cryptocurrencies as a decentralized alternative.
Still, short-term uncertainty is likely to keep both traditional and crypto markets under pressure. For any real recoveryโespecially in the crypto spaceโclear regulations and trusted leadership will be essential.
When politics, profits, and policy collide, even the most stable assets can lose their footing, don’t you think?