Prof. Richard Painter Quoted by CNN About Commerce Secretary’s Ties to Cryptocurrency While His Administration Promotes It

Professor Richard Painter, S. Walter Richey Professor of Corporate Law, was quoted by CNN about Commerce Secretary Howard Lutnick promoting cryptocurrencies on behalf of the Trump administration. Lutnick’s longtime industry ties have come under scrutiny as he pushes the Trump administration’s pro-crypto priorities, many of which have questionable benefits for anyone besides existing crypto holders including the Wall Street’s Cantor Fitzgerald, a firm he ran for decades and is currently headed by his son. Prof. Painter said that Lutnick’s crypto promotion while in office falls into an ethical gray area. He said, “He ought to stay out of anything that Cantor Fitzgerald is doing and let other people handle that at the Commerce Department, Now, I’m going to tell you: There’s no law that requires him to do that.”