UPDATE: Cantor Fitzgerald faces Oct. 23 deadline over Tether ties and Lutnick profits
CIE News ·
Senator Richard Blumenthal gave Cantor Fitzgerald until October 23 to disclose records on Tether ties, potential lobbying, and an alleged $250 million gained by Howard Lutnick's family.
Senator Richard Blumenthal has set an October 23 deadline for Cantor Fitzgerald to provide records detailing its partnership with Tether and alleged profits tied to Commerce Secretary Howard Lutnick's family. As previously reported, Blumenthal opened an inquiry into the Wall Street firm regarding safeguards against illicit finance involving Tether's USDT reserves, which Cantor custodies in the United States.
According to Decrypt, the inquiry highlights that Howard Lutnick allegedly gained more than $250 million since Donald Trump returned to office, which includes a $192 million payout from Cantor. The request sent to Cantor CEO Brandon Lutnick also demands communications regarding potential lobbying efforts with the White House and financial regulators concerning Tether.
Blumenthal stated that Cantor's 5% equity stake in Tether grew from $600 million to an estimated $10 billion, alongside annual custodian fees. The letter does not make formal findings of wrongdoing or allege specific statutory violations, and spokespeople for Cantor Fitzgerald and Tether did not immediately respond to requests for comment, CoinDesk reported.