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The Coin Rise 2025-01-29 13:11:24

Elizabeth Warren Presses Commerce Secretary Nominee Over Tether Links

Elizabeth Warren Presses Commerce Secretary Nominee Over Tether Links

U.S. Senator Elizabeth Warren has raised serious concerns about Howard Lutnick, President Donald Trump’s nominee for Commerce Secretary, due to his firm’s connections with stablecoin issuer Tether. In a letter dated January 27, Warren questioned Lutnick’s ability to prioritize public interests given Cantor Fitzgerald’s financial stake in Tether and its role as the stablecoin’s asset manager. Although Lutnick has agreed to divest his interest in Cantor Fitzgerald, Warren asserted that this action does not resolve lingering concerns about his “deep personal ties” to Tether. She highlighted that, if confirmed, Lutnick would gain “extraordinary access” to key policymakers who regulate digital assets, potentially influencing decisions affecting the cryptocurrency industry. Senator Warren Demands Transparency Warren, known for her critical stance on cryptocurrencies , asked Lutnick to provide answers to 13 detailed questions by February 10. These include disclosures about his current financial stake in Tether, as well as any communications with Trump administration officials regarding the stablecoin issuer. The senator also demanded clarity on whether Cantor Fitzgerald conducted due diligence to ensure Tether complies with Know Your Customer (KYC) requirements under the Bank Secrecy Act, as well as adherence to international sanctions and anti-money laundering (AML) laws. Tether, often scrutinized for its role in the digital asset ecosystem, has faced accusations of facilitating illegal activities, including money laundering and sanctions evasion. However, Warren’s criticism comes amid efforts by the company to support law enforcement initiatives. Tether’s Recent Cooperation with Authorities Tether has previously collaborated with blockchain firms Tron and TRM Labs to assist Spanish authorities in freezing $26.4 million in cryptocurrency linked to a Europe-wide money laundering operation. The stablecoin issuer has also previously worked with the FBI to recover $6 million from scammers targeting American citizens. Warren’s letter reiterates her call for stronger crypto regulations, citing risks of bad actors exploiting digital currencies for nefarious purposes. She has previously introduced the Digital Asset Anti-Money Laundering Act in 2022 and 2023, pushing for tighter oversight of the crypto industry. However, the legislation has faced backlash from crypto advocacy groups and security experts, who argue that it could unintentionally hinder law enforcement and push the digital asset sector offshore, potentially increasing national security risks. The Senate Commerce, Science, and Transportation Committee is scheduled to hold Lutnick’s confirmation hearing on January 29, where his responses and potential influence on crypto regulations will likely face scrutiny. The post Elizabeth Warren Presses Commerce Secretary Nominee Over Tether Links appeared first on TheCoinrise.com .

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