Howard Lutnick, a candidate for Donald Trump’s Ministry of Commerce, called for the regulation of stablecoins in the USA. Lutnick said that stablecoins should be regularly inspected and supported by US treasury bills in the approval session.
Control requirement in stablecoins
Lutnick, Cantor Fitzgerald CEO and Trump’s name of the Ministry of Commerce, suggested that the US dollar -backed stablecoins be audited. This suggestion emphasizes the importance of being safe and reliable of the financial ecosystem.
Although Lutnick was subjected to criticism for his connections with Tether, he supported the platform.
“Tether did not do business with anyone who has no authentication” -lutnick
Howard will be the new minister in case of approval, said Tether obliged to comply with US regulations.
Trump’s encouraging crypto currencies
Donald Trump recently signed a circular that supports the growth of crypto currencies. In this circular, he said it aims to encourage the development of legitimate US dollar -backed stablecoins. In addition, Trump clarified his suspicion against the Central Bank digital currencies (CBDC) and prohibited the creation of these currencies.
Lutnick criticized the use of stablecoins in illegal activities. “It’s like blameing Apple for criminals using Apple phones,” he said.
“The control of stablecoins will ensure that our financial system is more robust.”
Lutnick said he believes that artificial intelligence can play a role in the fight against illegal activities on blockchain.
As a result, Trump’s efforts to encourage crypto currencies and Lutnick’s Stablecoin Editing agenda can contribute to the strengthening of the US crypto market. The community is worried that Trump’s future steps can have significant effects on the global crypto industry.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
