Pro-crypto Howard Lutnick Calls For Audit Of US Stablecoins
 
 Highlights
- Howard Lutnick advocates for stablecoin regulation, stating that US dollar-backed assets should be audited.
- Lutnick defends Tether stating that the platform does no business without complying with regulations.
- He highlights the significance of AI, arguing that it could tackle increasing crimes.
Howard Lutnick, Donald Trump’s pick for Commerce Department Chief, advocated for stablecoin regulations in the United States. During his confirmation hearing today, Lutnick suggested that US stablecoins should undergo regular audits and be backed by US Treasuries.
Amid Trump’s stablecoin advancements, Howard Lutnick highlighted the significance of stablecoin regulation. The Trump pick’s suggestion underscores the necessity of a secure and reliable financial ecosystem.
Stablecoins Should Be Audited: Howard Lutnick
In his confirmation hearing, Howard Lutnick, the CEO of Cantor Fitzgerald and Trump’s nominee for Commerce Secretary, advocated for stablecoin regulation. Specifically, he suggested that US dollar-backed assets should be audited and backed by US Treasuries, emphasizing the need for greater oversight.
Further, Lutnick pushed back against allegations that stablecoin issuers facilitate illicit activities, asserting that malicious actors are misusing these assets for their own purposes. He added, “It’s like blaming Apple because criminals use Apple phones.”
Moreover, Lutnick championed the growth of artificial intelligence in the US. He believes that AI could tackle the growing illicit activities that utilize blockchain.
Cantor Fitzgerald CEO Defends Tether
While Howard Lutnick’s connections with the stablecoin issuer Tether has recently raised concerns, he supported the platform. He stated, “Tether did no business with anyone that wasn’t KYC-appropriate.” He added that he has mandated Tether to comply with US regulations. In addition, drawing a parallel with traditional finance, Howard Lutnick stated, “We don’t pick on the US Treasury when criminals use the US dollar.”
Recently, Senator Elizabeth Warren expressed concerns regarding Lutnick’s deep involvement with Tether. In a letter written on January 21, she wrote,
While you have agreed to divest your interest in Cantor Fitzgerald, which holds a 5% stake in Tether, and serves as Tether’s asset manager, this divestment does not end the questions about your deep personal ties to the company or its affiliates.
Donald Trump Promotes Stablecoin Development
In a recent development, Donald Trump signed an executive order to promote the growth of cryptocurrencies, including stablecoins. In his crypto-focused proposal, Trump highlighted his intention to “promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
Trump also projected his skeptic approach to central bank digital currencies (CBDCs). He strictly banned agencies from issuing and establishing CBDCs.
Donald Trump’s crypto promotion and Howard Lutnick’s stablecoin regulation agenda are poised to strengthen the US crypto market. The community remains anxious about Trump’s further actions that could significantly impact the global crypto industry.
- Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?
- Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts
- XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
 
 MEXC
MEXC 
					
					
					  
                                                                                                                                                                     
                                                                                                                                                                     
                                                                                                                                                                     
                   
                   
                   
                   
  
                                
  
                         
                     
                   
                   