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Stablecoins and Tether draw lengthy questioning on illicit finance and oversight
Summary
Senators questioned Lutnick extensively about stablecoins, Tether and anti-money-laundering measures; the nominee favored US-backed, audited stablecoins and said blockchain analysis and AI tools can help detect illicit flows.
Howard Lutnick faced multiple rounds of questioning about stablecoins and the cryptocurrency issuer Tether, including whether U.S.-backed stablecoins should be audited and backed by U.S. Treasuries.
Why this matters: Stablecoins are increasingly important in digital markets and have been identified by some lawmakers as channels used for illicit finance. The Commerce Department may have a role in standards, export controls and coordinating…
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