Howard Lootnick, the choice of President Trump to the US Secretary of Commerce, faced a difficult interrogation from legislators about his relations with spices and the alleged criminal use of the dollar.
Speaking in the Senate hearing To evaluate his nomination, Cantor Fitzgerland CEO of Cantor Fitzgerald responded to a wave of inquiries about Tether's potential role in illegal financing.
UTETAR Usdt (UsdtStablecoin has been under scrutiny for years, as policy makers raise concerns about the company's lack of professional audits. The basic claim indicates that without appropriate audits, Tether can hide up to $ 19 billion in illegal activity.
In 2023, Republican lawmakers asked the Ministry of Justice whether Binance and Tether facilitated the financing of terrorism. In 2024, the Wall Street Journal reported that American investigators had also searched at the Tether operator due to possible penalties and money laundering violations.
Tether and its CEO, Paolo Ardoino, denied these allegations categorically, claiming that there is no ongoing investigation. The company publishes quarterly lusts to reassure users, although many observers consider these reports insufficient.
Usdt source also paid 41 million dollars of civil sanctions as part of a 2021 settlement with the commodity futures trading committee. According to CFTC, Tether was distorted on her claim that USDT was fully supported by reserves at all times.
During the hearing, the Senate Trade Committee classified Democrat Maria Kaneuel Ali Lottennik in Stablecoin. It was reported by saying that "Stablecoins in US dollars must be reviewed" and "fully supported by US Treasury bonds, 100 %."
Kanwell also pointed to allegations that Chinese, North and Russian criminal groups have been used for illegal transactions. In response, Lootnick argued that Fiat coin remains the main tool for bad actors and that the creators should not be blamed for the use of their technology.
"It is like blaming Apple because criminals use Apple phones," Lutnick came back.
President Trump chose Lootnick L Serving As the next US Trade Minister, pending the confirmation of the Senate. In this role, it will focus on creating job opportunities and cooperation with the Trump Exoding Council to form digital asset policies.
Because of the conflict of interests in this office, Lottennik Agreed To leave Cantor Fitzgerald, a rope guard.
"I will renew, and I will sell all my interests, my work interests, and all Adwani, everything," Lootnick said during the session.
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