Tether's friend in the White House

good morning. Welcome to White House Watch. Steph is scheduled to be back in the saddle on Tuesday. Here's what's on deck today:

White House Tether Defender

US Presidential Change and Syria Chaos

Mitch McConnell's anti-isolationist plan

The next member of the U.S. government is in charge of the largest share of the cryptocurrency Tether, even though it has become a go-to digital asset for international criminals, according to law enforcement officials, prosecutors, and a recent indictment. He is one of our supporters.

Howard Lutnick, President Donald Trump's pick to lead the Commerce Department, fiercely defended Tether, which made $5.2 billion in profits in the first half of 2024. Mr. Lutnick's firm, broker Cantor Fitzgerald, acquired the stock in Tether and at the same time controlled a large portion of the company's stock. Instead, keep that reserve.

Speaking at a crypto conference in Nashville in July, Lutnick noted that Tether's founder is one of the few industry insiders who can attest to running a legitimate business. But Tether's users also include sanctions evaders, drug cartels, North Korean hackers, and Iranian and Russian spies.
Tether denies accusations that Tether facilitates global criminal activity, pointing out that the use of Tether by criminals is so-called secondary market activity, where malicious actors exchange Tether tokens with each other. did.

In fact, it was shortly after his remarks in Nashville that Lutnick was named co-chair of Trump's transition team. This role is one that gives it influence over government positions, including the position that oversees virtual currency regulation. President Trump then nominated crypto advocate Paul Atkins to head the Securities and Exchange Commission.

Meanwhile, Tether continues to be regularly featured in international criminal cases. Law enforcement operations around the world have revealed that Tether is used by groups such as the Iranian Revolutionary Guards, Hamas, and Hezbollah.

None of these concerns seem to be stopping Lutnick from touting Tether's potential to transform global finance. He has defended Tether in a manner similar to the gritty style that defined his rise in American finance and now politics.

Team 47: Who was chosen?

President Trump announced that he will nominate Andrew Ferguson to replace Lina Khan as chair of the Federal Trade Commission.

Kari Lake, the television anchor who lost her Senate bid last month, has been selected as the director of Voice of America. (AP)

The president-elect has appointed his eldest son's fiancée, Kimberly Guilfoyle, as the U.S. ambassador to Greece. (BBC)

He also selected private equity executive Tom Barrack to be ambassador to Turkey. (POLITICO)

Transition: Latest headlines

what we are hearing

Since stepping down as the longest-serving Republican Senate leader in U.S. history, Mitch McConnell has spent the final two years of his term focused on his mission to serve as a bulwark against the party's isolationist forces.

This puts him in direct conflict with Trump and Vice President-elect J.D. Vance, who do not want the United States to spend any more money on Ukraine.

“We are now in a very dangerous world, reminiscent of before World War II,” the 82-year-old said in an interview with the Financial Times. “The slogan is the same: 'America First.' That's what they said in the 30's. ”

McConnell has never been or will ever be a fan of the president. In his new biography, the Kentucky congressman calls Trump a “stupid” and “despicable human being.” But in this must-read interview (which you can read for free), McConnell revealed for the first time that he voted for Trump last month — even though he couldn't bring himself to say his name. I just said it.

“I supported the ticket.”

One way Mr. McConnell could push back against President Trump is through the Senate confirmation process for some of his controversial nominees. McConnell became irritated with questions about Defense Secretary nominee Pete Hegseth, who is facing sexual assault allegations, and refused to raise his hand in the interview.

“We accept candidates as they come and go through a vetting process,” McConnell said. “From an institutional perspective, each of these candidates will be treated like any other candidate for hundreds of years.”

When asked about Trump's pick for director of national intelligence, Russia-friendly Tulsi Gabbard, McConnell said:

“Do I have to say the same thing over and over again? You're wasting your time and you're wasting my time too.”

perspective