Howard Lutnick, U.S. Commerce Secretary nominee, denies direct connection to Tether and supports audits for dollar-backed stablecoins.
Lutnick’s Statement on Tether & Stablecoin Regulation
Lutnick, also CEO of Cantor Fitzgerald, emphasized that dollar-backed stablecoins should undergo thorough audits by U.S. firms. He noted that his involvement with Tether is limited, despite Cantor Fitzgerald’s business relationship with the company.
Why Is Tether Under Political Scrutiny?
Tether remains the world's largest stablecoin, but its lack of full-scale U.S. audits has raised concerns. Figures like Senator Elizabeth Warren have called for tighter stablecoin regulations. Criticism focuses on Tether's reserve transparency and auditing practices.
What’s Next for U.S. Stablecoin Regulation?
With growing political pressure on stablecoins, lawmakers may consider new regulations targeting stablecoins like USDT and USDC. Any regulation could impact stablecoin dominance and crypto market liquidity.
Howard Lutnick’s denial of firm ties to Tether reflects growing political pressure on stablecoin issuers. As discussions continue, U.S. regulators may introduce new policies affecting stablecoins like Tether, shaping the future of crypto compliance.
