Lmst

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"Bo Hines – who from January to August was the executive director of President Donald Trump’s council of advisors on digital assets – has been hired to run the US operations of Tether, the company behind USDT, the world’s largest stablecoin. USDT is a cryptocurrency that functions a little like a pick/shovel does during a gold rush. Now Tether will release a new U.S.-based stablecoin called USAT.

Anyone alarmed by the implications of Hines changing sides can be reassured. There is no conflict of interest, because Hines himself said so: “I stepped down from my roles touching anything related to crypto in the White House and I felt like this was a fantastic opportunity to jump into the private sector.”

It must have smarted for Hines to be languishing in the public sector drafting regulations for the crypto rush, while in the private sector people – including family members of senior administration officials – were making billions of dollars. USDT, the stablecoin Tether has created for the US market, is being marketed in partnership with Cantor Fitzgerald, which is run by Brandon Lutnick, son of Howard Lutnick, the U.S. Secretary of Commerce, so that too is being kept in the family.

In order to guarantee that Tether’s tokens will always be worth the same as a dollar, it owns a lot of US debt: some $127 billion worth at the end of July, which works out basically as $127 billion of free money for the U.S. government."

https://www.codastory.com/oligarchy/the-tehran-washington-crypto-connection/

#USA #Trump #Tether #Stablecoins #USAT #Crypto #Cryptocurrency #Kleptocracy