Meet the Crypto-Connected Commerce Chief

Howard Lutnick, the CEO of Cantor Fitzgerald, is President Trump's pick to lead the U. S. Commerce Department. Lutnick has been a big supporter of Tether, a cryptocurrency company with a history of controversy. Tether operates like a bank but without the normal rules and watchdogs. It issues a stablecoin called tether, which is meant to be worth one US dollar. Tether has faced many issues, including questions about its money reserves. Last year, it paid a big fine for misrepresenting its assets. The company is also under investigation for possible criminal activity, like money laundering and funding terrorism. Tether denies these allegations. Lutnick has defended Tether, saying he's seen their money. However, if Lutnick takes the Commerce job, he won't have much control over crypto policies. Trump has warmed up to cryptocurrencies, possibly because crypto billionaires donated to his campaign. Some crypto fans are excited because they think regulation will be less strict now.