The Senate Trade, Science and Transportation Committee advanced the candidacy of Howard Lutnick, a cryptography and multimillionaire businessman, to the position of Secretary of Commerce by a 16-12 vote.
The United States’s technological and financial scene undergoes a radical change and a rich man with strong ties with cryptocurrencies leads important national initiatives valued in hundreds of billions of dollars.
Lutnick: The main technological programs hang on balance
The appointment of Lutnick places it by the Law of Chips and Sciences of $ 280 billion and the massive accounts program of $ 42.5 billion. These figures not only appear on paper; They reflect the certain efforts of the United States to transform its semiconductor sector and technical infrastructure. With global technological supremacy on the line, bets are higher than ever.
https://www.youtube.com/watch?v=2isun7rvi6m
Warren’s Crypto refers to spark fierce debate
Confirmation has not been without its fireworks. Senator Elizabeth Warren has thrown the Gauuntlet, demanding answers on Lutnick’s ties with the tied, the controversial issuer of Stablcoin.
His letter of January 28 did not get blows, questioning everything from the investment of Cantor Fitzgerald in Tether to possible compliance problems. The plot thickened when the Lutnick financial dissemination form arose for detailed assets of more than $ 806 million and participation in 800 entities.
Washington is divided by confirmation, since the classification member Maria Cantwell voted against Lutnick, citing an inappropriate dedication to the objectives of the current program. One thing is evident, since this billionaire entrepreneur assumes its new position: the technology and cryptocurrencies of America will change and could even completely alter the digital future of the country.
Cruz Champions technological policy
While Warren raises the red flags, fellow Senator Ted Cruz is optimistic about what he sees as a victory for technological innovation. Your vision? A complete reinvention of the Bead program, which moves away from its fiber optic approach to adopt alternatives such as fixed satellite and wireless internet. It is a marked deviation from previous policies, with Cruz dismissing the approach of the former Biden administration as plagued of “conditions without law.”
Clock: The Senate Committee of Commerce meets to advance Howard Lutnick as Secretary of Commerce and to move critical legislation, including the children’s social average law, the AM radio for each vehicle law, the Nation Law of Nation of Fire Ready and the illegal red snapper and tuna … pic.twitter.com/fmvLSKDK6
– Senator Ted Cruz (@SentDcruz) February 5, 2025
Bitcoin dreams and stablecoin schemes
Lutnick is open about his cryptocurrency plans. At Bitcoin 2024 conference in Nashville, he declared confident that cryptocurrency is “the future of financial independence.” He wants to require checks by Stablecoins and could create a National Bitcoins reserve. This idea has excited Crypto fans, but has worried traditional finance regulators.
The newly formed Crypto task force of the SEC, under Commissioner Hester Peirce, will work in close collaboration with Lutnick to navigate these unknown waters.
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