AI vs Crypto Crime? Trump’s Commerce Pick Drops a Bold Take

Summary: Howard Lutnick, chief executive officer of Cantor Fitzgerald and Donald Trump’s pick for US Commerce Secretary, made one bold claim from his Senate hearing AI is going to squash all crime on blockchains. He dismissed concerns about stablecoins fueling crime, saying bad actors will always find a way-just like criminals on iPhones doesn’t make Apple responsible.

Lutnick, whose firm holds a convertible bond in Tether, faced tough crypto-related questions from lawmakers. Pressed about criminals using Tether, he defended the stablecoin, saying that Tether follows strict KYC rules. He also pointed out that traditional finance isn’t blamed when criminals use cash.

YOU MIGHT ALSO LIKE: Ethereum Community Backs Danny Ryan for Foundation Leadership

He added that, in fact, the transparency of blockchain makes illegal activity easier to track compared to dollars or euros, which are untraceable physical assets. Law enforcement agencies, he said, already leverage blockchain data to hunt down criminals.

Lutnick called for greater oversight, adding that stablecoins should be audited, but he did not budge from his assertion that AI will eventually eradicate blockchain crime. His comments come as the use of AI in financial security is becoming increasingly prevalent and debate over crypto regulations heats up.

YOU MIGHT ALSO LIKE: Netflix Faces Legal Heat Over Razzlekhan Crypto Heist Doc

Sahil Poudel

Copy link