Code-loving Howard Lutnick confirmed as US Secretary of Commerce – what to expect from him

Cantor Fitzgerald’s billionaire CEO Howard Lutnick is officially the US Secretary of Commerce after a vote on Wednesday for the Senate Commerce Committee of 16-12.

Known for his deep bond with Crypto and Wall Street, Howard’s new job includes $42.5 billion broadband equity, access and deployment (Bead) program, $280 billion chips and science law, and all regulatory powers . Technology infrastructure. His confirmation is a massive victory for President Trump’s administration, pushing forward to bringing crypto innovation back to the US and creating a national Bitcoin Reserve.

https://www.youtube.com/watch?v=2isun7rvi6m

Anti-Crypto Elizabeth Warren demands answers to Ratnic’s tethered connections

Senator Elizabeth Warren wasted no time torn apart by Howard’s code bond. On January 28th, she sent a letter requesting details about how much Cantor Fitzgerald had invested in Tether.

She wanted to know if Cantor confirmed Tether’s compliance with US money laundering laws, sanctions and “know your client” (KYC) rules.

Warren framed this as a national security threat and told Howard:

Cantor has acquired tens of millions since managing Tether’s reserves and purchased minority stakes in the company. Additionally, despite detailing his assets of over $80 million and his assets involved in 800 legal entities, Howard lists tethers or other crypto holdings in the financial disclosure form he filed with the Senate. I didn’t. Warren also wanted an explanation of the omitted.

Howard had promised to sell from Cantor when confirmed, but Warren and others have not bought it. Critics, including WatchDog Group Accountable.us, had asked Howard to reject himself from the crypto-related task force once he was officially appointed. It is unknown to us if he has actually done it.

Ted Cruz says it’s time to reverse Biden’s “lawless” technology policy

Senator Ted Cruz, one of Howard’s biggest supporters, was not satisfied with the confirmation. After the committee vote, Cruz said he hopes Howard will shake up the Beads program for a broadband breakfast.

Cruz called the Biden administration’s preference for fiber “waste” and said it ignored cheaper and faster options like satellite internet and fixed wireless. “Let’s use satellites, let’s use fixed wireless, let’s use fiber. We’ll do it in the cheapest and most efficient way possible,” Howard said at the confirmation hearing.

Cruz also nurtured Chips Science Law and accused the Biden administration of attaching “lawless conditions” to funds. He cited the requirement for semiconductor companies to provide childcare as an example, saying it was not part of a bipartisan deal approved by Congress. Howard is expected to roll back many of these terms and refocus funding for Core Tech and Semiconductor development.

Not everyone is on Howard’s plan. Ranking member Maria Cantwell, a Democrat from Washington, voted against him and said Howard didn’t provide enough assurance that Beads and Chips funds would continue to flow as intended. . “I was looking for a stronger commitment,” Cantwell said. “You didn’t offer it. My vote is ‘No’. ”

Does Lutnick have a cryptographic plan?

At the 2024 Bitcoin Conference in Nashville, Howard called Crypto the “future of financial sovereignty” and revealed that he was on full board. He also calls for forced audits of stubcoins like Tether. During his confirmation hearing, he proposed that the Stablecoin issuer, along with the US Treasury, would be assisted with the tokens and undergo a third-party audit to ensure transparency.

However, given the long history of Tether’s failure to provide a full audit since 2014, it is not easy to implement this policy. The SEC’s newly established Crypto Task Force, led by Commissioner Hester Peirce, will work closely with Howard.

Their goals define the boundaries of jurisdiction between the SEC and CFTC, regulate stubcoin issuers as financial institutions, and create a clear regulatory framework that explores the “feasibility” of national Bitcoin reserves. It’s about developing.