Amid concerns about the Tether’s Stablecoin reserves and their participation in illegal financing, American lawmakers have disturbed Huard Lottenic about his company’s relations with the company.
The US Senate Shawa Hoyard Lootnick on the rope
During the Senate Trade Committee’s hearing on his candidacy, Democratic Senator Maria Canwell severely examined Lootnick and his company, Cantor Fitzgerald, because of their relationship to tension. It is worth noting that Cantor Fitzgerald has been the guardian of the state since 2021.
On Wednesday, Lootnick was interrogated his position on audits. He replied, “I think Stablecoins, the US dollar, should be reviewed, should be supported and should be fully supported by US bonds, 100 %,” he said.
CantWell also asked if he supports a more transparent “strong audit” than today. “Certainly,” Lootnick answered.
During the session, Cantulale has raised concerns about the use of Tether in illegal financing, especially by criminals in North Korea and Russia. Lootnick responded by saying that criminals also use the dollar and the euro, and compare the claim to blame “Apple because criminals use iPhone devices”.
Lutnick has also been clicked on the launch of the Donald Trump $ Trump Memecoin. When asked if he had advised Trump or his management on the microscope, he stated that he did not.
As the Trump administration candidate for the Minister of Commerce, Lutnick was assigned to form a coding working group that would provide recommendations for regulating digital assets.
Tether’s Tursle with CFTC and American organizers
Tether has a constant USDT check, which is the largest stablecoin through the market value. Organizers, including the American Commodity Futures Trading Committee (CFTC), investigated the rope on its reserves. Meanwhile, the company constantly refuted allegations.
CFTC Tether was falsely accused of being undergoing professional routine audits to demonstrate that she maintained “100 % reserves at all times”, although her reserves were not reviewed. As a result, Tether paid a civil penalty worth $ 41 million and agreed to stop and stop other violations of the commodity exchange law.
In addition, Tether and Extrast Exchange, BitFinex, have a fine of $ 18.5 million to settle an investigation led by the New York Prosecutor’s Office Letight James. The investigation claimed that companies have misled clients on liquidity issues, especially after the 2016 BitFinex BitFinex penetrated.
Also read: Tether launches USDTT0 to expand overlap over the chain
