Howard Lutnick, the nominee for commerce secretary under Donald Trump, has stated that stablecoins, including Tether, should be audited by a US firm. Lutnick believes that audits, along with holding treasuries as collateral, are sufficient to ensure stablecoins are adequately reserved. However, Tether, the world's largest stablecoin, has never completed a financial audit and has previously lied about the quality and quantity of its backing. Despite this, Lutnick remains confident in Tether's reserves. Lutnick also claimed that federal agencies using artificial intelligence can combat blockchain-based crime, although this prediction is seen as overly optimistic given the limitations of blockchain tracing and AI.



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