{"id":362374,"date":"2025-01-30T00:00:49","date_gmt":"2025-01-29T18:30:49","guid":{"rendered":"https:\/\/dripp.zone\/news\/pro-crypto-howard-lutnick-calls-for-audit-of-us-stablecoins-pro-crypto-howard-lutnick-calls-for-audit-of-us-stablecoins-crypto-news\/"},"modified":"2025-01-30T00:04:33","modified_gmt":"2025-01-29T18:34:33","slug":"pro-crypto-howard-lutnick-calls-for-audit-of-us-stablecoins-pro-crypto-howard-lutnick-calls-for-audit-of-us-stablecoins-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pro-crypto-howard-lutnick-calls-for-audit-of-us-stablecoins-pro-crypto-howard-lutnick-calls-for-audit-of-us-stablecoins-crypto-news\/","title":{"rendered":"Pro-crypto Howard Lutnick Calls For Audit Of US Stablecoins Pro-crypto Howard Lutnick Calls For Audit Of US Stablecoins – Crypto News"},"content":{"rendered":"

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Howard Lutnick, Donald Trump\u2019s 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.<\/p>\n

Amid Trump\u2019s stablecoin advancements, Howard Lutnick highlighted the significance of stablecoin regulation. The Trump pick\u2019s suggestion underscores the necessity of a secure and reliable financial ecosystem.<\/p>\n

Stablecoins Should Be Audited: Howard Lutnick<\/h2>\n

In his confirmation hearing<\/a>, Howard Lutnick, the CEO of Cantor Fitzgerald and Trump\u2019s 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.<\/p>\n

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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, \u201cIt\u2019s like blaming Apple because criminals use Apple phones.\u201d<\/p>\n

Moreover, Lutnick championed the growth of artificial intelligence<\/a> in the US. He believes that AI could tackle the growing illicit activities that utilize blockchain.<\/p>\n

Cantor Fitzgerald CEO Defends Tether<\/h2>\n

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While Howard Lutnick\u2019s connections with the stablecoin issuer Tether has recently raised concerns, he supported the platform. He stated, \u201cTether did no business with anyone that wasn\u2019t KYC-appropriate.\u201d He added that he has mandated Tether to comply with US regulations. In addition, drawing a parallel with traditional finance, Howard Lutnick stated, \u201cWe don\u2019t pick on the US Treasury when criminals use the US dollar.\u201d<\/p>\n

Recently, Senator Elizabeth Warren expressed concerns regarding Lutnick\u2019s deep involvement with Tether. In a letter written on January 21, she wrote,<\/p>\n

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While you have agreed to divest your interest in Cantor Fitzgerald, which holds a 5% stake in Tether, and serves as Tether\u2019s asset manager, this divestment does not end the questions about your deep personal ties to the company or its affiliates.<\/p>\n<\/blockquote>\n

Donald Trump Promotes Stablecoin Development<\/h2>\n

In a recent development, Donald Trump signed<\/a> an executive order to promote the growth of cryptocurrencies, including stablecoins. In his crypto-focused proposal, Trump highlighted his intention to \u201cpromote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.\u201d<\/p>\n

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Trump also projected his skeptic approach to central bank digital currencies (CBDCs). He strictly banned agencies from issuing and establishing CBDCs.<\/p>\n

Donald Trump\u2019s crypto promotion and Howard Lutnick\u2019s stablecoin regulation agenda are poised to strengthen the US crypto market. The community remains anxious about Trump\u2019s further actions that could significantly impact the global crypto industry.<\/p>\n

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