During a Senate hearing, Howard Lutnick, CEO of Cantor Fitzgerald, claimed that artificial intelligence (AI) will outpace crime on blockchains. He defended stablecoins, arguing that their misuse by criminals is analogous to blaming Apple products for criminal use.
Lutnick emphasized that stablecoin issuers, particularly Tether, comply with KYC standards to prevent illicit activities and called for greater oversight of US dollar stablecoins to maintain transparency in financial dealings.
Lutnick firmly stated that AI would eventually eradicate criminal activities utilizing blockchain technologies, highlighting the unique transparency that blockchain offers compared to traditional physical currencies like dollars and euros.