Howard Lottenic, who loves encryption as US Secretary of Commerce-confirmed what can be expected
Howard Lottennik, CEO of billionaire in Cantor Fitzgerald, is the official US Trade Minister after the Senate Trade Committee 16-12 on Wednesday.
The new Howard function is famous for its deep relations with Crypto and Wall Street, and comes with a lot of moving pieces: stock, access and publication program (Bead) of $ 42.5 billion, $ 280 billion law, and all regulatory power. Technology infrastructure. for him to be sure It is a tremendous victory for the administration of President Trump, which is pushing to reinvent the encryption to the United States and create a Bitcoin National Reserve.
Elizabeth Warren is required to have answers to Lutnick’s Tether
Senator Elizabeth Warren has not been lost time to tear up Huard’s encryption relationships. On January 28, I sent a letter calling for details about the amount of Cantor Fitzgerald in Tether and whether the company has conducted the appropriate due care before participating in the Stablecoin source.
She wanted to know if Cantor was verified that Tether complies with our laws to combat money laundering, penalties, and “Know your customer” (KYC).
Warren frame this as a threat to national security, and Howard told: “Your deep tangle with the rope raises important questions about your personal rule and whether you can serve without bias.”
Cantor got tens of millions of Tether reserves management until he bought the company’s minority share. In addition, Howard did not list Tether or any other encryption holdings in the financial disclosure form he presented to the Senate, although the model is separated from its assets, which is worth more than $ 806 million and participating in 800 legal entities. Warren also wanted to explain this omission.
Howard promised to abstract Cantor when he was confirmed, but Warren and others do not buy it. Critics, including Watchdog Group, were invited, calling Howard to reuse himself of any encryption teams as soon as he officially took office. It is not clear to us if he did so already.
Ted Cruz says it is time to reflect Biden’s technical policies “that do not work” law “
Senator Ted Cruz, one of the largest supporters of Howard, could not be happier about confirmation. After the committee voted, he told Cruz Broadband Breakfast that it is expected to shake Howard Bead, which was originally designed to expand access to wide fiber across the country.
Cruz called the Biden fiber administration preferring a “waste” and said he ignored cheaper and fastest options such as the steady satellite and wireless internet. “Let’s use satellites, let’s use the fixed wireless, let’s use fiber – let’s do so cheaper more effective,” Howard said during his confirmation session.
Cruz also raised the Law of Chips and Science, accusing the Biden administration of delivering “base conditions” with funding. He referred to the condition of semiconductor companies to provide child care as an example, saying that it was never part of the two -party agreement approved by Congress. Howard is expected to review many of these conditions and re -focus funding on the development of basic technology and conductors.
Not everyone is on Huard’s plans. Maria Kaneuel, a democratic member of Washington, voted against his confirmation, saying that Haward did not provide sufficiently strong assurances that financing a pill and chips would continue to flow as intended. “I was looking for a stronger commitment.” “You did not offer it. My vote is” no. “
Does Lutnick have any encryption plans?
At the Bitcoin 2024 conference in Nashville, Howard Crypto described as “the future of financial sovereignty”, showing that it is completely on board. It is also pushed for mandatory scripts from Stablecoins such as Tether. During the confirmation session, he suggested that Stablecoin export their symbols with treasury bonds and undergo third -party audits to ensure transparency.
But given the long history of Tether of not providing a full audit since 2014, the application of this policy will not be easy, and we are betting on Howard knows this. The newly formed SEC SEC coding squad, led by Commissioner Hester Pears, will closely work with Howard.
Their goal is to develop a clear organizational framework that defines the judicial boundaries between the Supreme Education Council and CFTC, organizes Stablecoin exporters as financial institutions, and explores the “feasibility” of the National Bitcoin reserves.
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