A financial giant on Wall Street and a close partner of stablecoin issuers, suddenly nominated as the U.S. Secretary of Commerce, what kind of waves will this create? Indeed, this is the current situation of Howard Lutnick. On November 20, he was appointed by Trump as the next U.S. Secretary of Commerce, awaiting Senate approval. However, at the same time, his close cooperation with Tether has been exposed, triggering a series of controversies surrounding the intertwining of power and business.
Lutnick is not only the Chairman and CEO of Cantor Fitzgerald but also a co-chairman of Trump's transition team. However, he has not completely withdrawn from managing his financial enterprises while on the transition team, raising concerns about conflicts of interest. Max Stier, chairman of a nonprofit government management organization, even stated that the Trump team's actions are 'seriously overstepping.'
However, Lutnick does not seem to intend to let these controversies affect his political career. He has made it clear that once the Senate confirms his appointment as Secretary of Commerce, he will resign from Cantor Fitzgerald and other related companies and divest his interests in the company to comply with government ethics regulations. But will this really eliminate external doubts?
As Lutnick's nomination gradually enters the public eye, his 'deep cooperation' with Tether also attracts much attention. Cantor Fitzgerald reached an agreement with Tether last year to invest and acquire about 5% of shares, which brings tens of millions of dollars in revenue to Cantor each year through this custodial relationship. In addition, Cantor is also negotiating with Tether for funding support for its Bitcoin financing business. This close cooperation has raised expectations for Lutnick's performance during his tenure as Secretary of Commerce, while also sparking controversy.
So, how will Lutnick handle these complex business relationships and governmental responsibilities? Can he find a balance between power and business? These questions not only resonate with Wall Street but also raise public concern over U.S. government ethics and regulatory systems.
At the same time, competition in the stablecoin market is intensifying. Although Tether's market value far exceeds USDC, USDC may gain more advantages in the regulatory field. For example, this summer, USDC became the first stablecoin to receive approval from the EU (Crypto Assets Market Regulation Act) (MiCA). Meanwhile, Tether is under scrutiny from regulators due to anti-money laundering issues and has faced questions regarding transparency.
In this contest of stablecoins, who will come out on top? Can Tether leverage Lutnick's long-term relationship with Trump to block legislation and criminal charges that may favor USDC? These questions are worth pondering.
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