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Deythere > News > Crypto > Tether > Trump’s Commerce Secretary Nominee: Impact on Crypto and Tether’s Hidden Connections
CryptoNewsTether

Trump’s Commerce Secretary Nominee: Impact on Crypto and Tether’s Hidden Connections

illustration focusing on the connection between the United States and Tether USDT. The image features a Tether coin pr
Camila Santos
Last updated: November 25, 2024 12:59 pm
By
Camila Santos
Published November 25, 2024
2 Min Read
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Donald Trump’s nomination of Howard Lutnick, CEO of Cantor Fitzgerald, as the next Commerce Secretary is making waves in the crypto world. Lutnick’s ties to Tether (USDT), the largest stablecoin issuer, have raised questions about how this appointment could influence regulatory pressures and market dynamics.

Contents
  • Cantor Fitzgerald and Tether: A Strategic Partnership
  • Tether’s Regulatory Troubles
  • What’s Next for Lutnick and Cantor Fitzgerald?

Cantor Fitzgerald and Tether: A Strategic Partnership

Under Lutnick’s leadership, Cantor Fitzgerald has developed a close relationship with Tether, reportedly owning a 5% stake in the company valued at approximately $600 million. According to The Wall Street Journal, Cantor also manages a significant portion of Tether’s $133 billion reserves, earning millions annually from this partnership.

Tether executives are optimistic about Lutnick’s potential appointment, believing it could alleviate regulatory scrutiny on offshore stablecoin issuers. Giancarlo Devasini, a senior Tether executive, has hinted that Lutnick’s political influence may soften U.S. oversight.

Tether’s Regulatory Troubles

Despite its dominance, Tether has faced allegations of misuse in illegal activities such as terrorism financing and cybercrime. The U.S. Treasury Department is reportedly exploring sanctions against Tether for facilitating transactions that allegedly violate U.S. laws.

Tether CEO Paolo Ardoino has dismissed these claims as baseless, stating, “These accusations are recycled rumors without any merit.” The stablecoin issuer has continued to thrive, posting a $7.7 billion profit in the first nine months of the year, showcasing its resilience in the volatile crypto market.

representing the relationship between cryptocurrency and government. The image features a glowing Tether

What’s Next for Lutnick and Cantor Fitzgerald?

Lutnick has announced that if confirmed as Commerce Secretary, he will step down from his roles at Cantor Fitzgerald and divest his shares in compliance with ethical guidelines. However, the implications of his potential appointment for Tether and the broader crypto industry remain a subject of intense debate.

For in-depth insights into how this development could shape the future of crypto, follow Dey There for timely updates and expert analysis.

Howard Lutnick, Tether, crypto market, stablecoins, regulatory scrutiny

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ByCamila Santos
Camila Santos is a blockchain and cryptocurrency specialist with 9 years of experience in the field. Starting her career in the financial sector, Camila quickly became interested in the potential of blockchain to revolutionize finance. She has since been involved in several high-profile blockchain projects, including the development of decentralized platforms and financial products. Her expertise spans across blockchain governance, smart contracts, and the broader implications of blockchain for the global financial system. At DT NEWS, Camila provides readers with expert analysis and commentary on the latest developments in the blockchain and cryptocurrency industries, ensuring they stay informed about key trends.
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