20.5 C
Usa River
Thursday, February 6, 2025

US Senate Panel Approves Crypto Advocate, Billionaire Howard Lutnick For Commerce Secretary

Must read

Advertisements


The Senate Commerce, Science, and Transportation Committee advanced the candidacy of Howard Lutnick, a crypto proponent and billionaire entrepreneur, to the position of Commerce secretary by a vote of 16–12.

America’s technological and financial scene undergoes a radical change and a wealthy man with strong ties to cryptocurrencies is leading important national initiatives valued in hundreds of billions of dollars.

Lutnick: Major Tech Programs Hang In The Balance

Lutnick’s appointment places him in charge of the $280 billion CHIPS and Science Act and the massive $42.5 billion BEAD program. These figures don’t only appear on paper; they reflect America’s determined efforts to transform its semiconductor sector and technical infrastructure. With global tech supremacy on the line, the stakes are higher than ever.

Warren’s Crypto Concerns Spark Fierce Debate

The confirmation hasn’t been without its share of fireworks. Senator Elizabeth Warren has thrown down the gauntlet, demanding answers about Lutnick’s ties to Tether, the controversial stablecoin issuer.

Her January 28 letter pulled no punches, questioning everything from Cantor Fitzgerald’s investment in Tether to potential compliance issues. The plot thickened when it emerged that Lutnick’s financial disclosure form detailed assets worth over $806 million and involvement in 800 entities.

Washington is split by the confirmation as Ranking Member Maria Cantwell voted against Lutnick, citing inadequate dedication to current program goals. One thing is evident as this billionaire entrepreneur takes on his new position: the tech and crypto scene of America is set to change and might even completely alter the digital future of the country.

Bitcoin is now trading at $98,768. Chart: TradingView

Cruz Champions Tech Policy

While Warren raises red flags, fellow Senator Ted Cruz is upbeat about what he sees as a victory for tech innovation. His vision? A complete reimagining of the BEAD program, moving away from its fiber-optic focus to embrace alternatives like satellite internet and fixed wireless. It’s a stark departure from previous policies, with Cruz dismissing the former Biden administration’s approach as riddled with “lawless conditions.”

Bitcoin Dreams And Stablecoin Schemes

Lutnick is open about his plans for cryptocurrency. At the 2024 Bitcoin Conference in Nashville, he confidently stated that cryptocurrency is “the future of financial independence.” He wants to require checks for stablecoins and might create a national Bitcoin reserve. This idea has made crypto fans excited but has worried traditional finance regulators.

The newly formed SEC Crypto Task Force, under Commissioner Hester Peirce, will work closely with Lutnick to navigate these uncharted waters.

Featured image from Pexels, chart from TradingView





Source link

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisements

Latest article