🤑💼 Lutnick’s Crypto Audit Plot: Stablecoins Under Siege! 💣📉

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Howard Lutnick, the man chosen by the Great Cheeto for the Commerce Department throne, has sung the praises of stablecoin regulation in the land of stars and stripes. During his moment in the confirmation spotlight, Lutnick proposed that US stablecoins should be subjected to the scrutiny of regular audits and be nestled in the bosom of US Treasuries.

As the stablecoin saga unfolds under the Trump regime, Lutnick has been a beacon of significance, advocating for regulation. His suggestions are a testament to the fact that in the world of finance, oversight is the new black.

In his trial by fire, Lutnick, the maestro of Cantor Fitzgerald and Trump’s chosen one for Commerce Secretary, has called for the regulation of stablecoins. He’s suggested that assets backed by the almighty US dollar should be audited and given the US Treasury’s seal of approval, emphasizing the dire need for a watchful eye.

Lutnick, ever the charmer, pushed back against the naysayers who claim stablecoin issuers are the pimps of the digital underworld. He compared it to blaming Apple because, well, even crooks love a sleek iPhone. 📱👨‍👩‍👧‍👦

And if that wasn’t enough, Lutnick has donned the cape of AI’s superhero, believing it could be the knight in shining armor against the dark forces of blockchain misuse.

Amidst the tempest of controversy, Lutnick has stood by Tether, the stablecoin provider in question. “Tether,” he declared, “is no friend to the faceless.” He’s made it clear that Tether must play by Uncle Sam’s rules. And for good measure, he added, “We don’t vilify the US Treasury just because some nogoodniks use the greenback for their dirty deeds.”

Senator Elizabeth Warren, however, is not convinced by Lutnick’s Tether tale. In a missive dated January 21, she expressed her qualms, pondering the depth of Lutnick’s affection for the stablecoin giant.

While you’ve promised to cut ties with Cantor Fitzgerald, keeper of a 5% slice of Tether and its asset manager, this act of divestiture does not expunge the shadow of your deep, perhaps unbreakable, bonds with the firm and its kin.

In a bold move, the Donald has put pen to paper, issuing an executive order to foster the growth of cryptocurrencies, stablecoins included. Trump’s crypto blueprint laid bare his desire to see dollar-backed stablecoins sprout and flourish across the globe.

Trump, ever the skeptic, has forbidden any tomfoolery with central bank digital currencies (CBDCs), putting his foot down with a firm “Nope!”

The crypto community holds its breath, waiting to see what Trump’s next move will be, knowing full well it could send ripples, or perhaps tsunamis, through the global crypto pond.

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2025-01-29 21:33