Senator Richard Blumenthal has put Cantor Fitzgerald on a deadline: October 23. The ranking Democrat on the Senate Permanent Subcommittee on Investigations sent chairman Brandon Lutnick a letter Thursday with 13 document requests covering Cantor's revenue, custody services, and compliance oversight tied to Tether, plus communications involving Commerce Secretary Howard Lutnick before and after he left the firm, per Cointelegraph.
At the center is a reported 5% stake Cantor acquired in Tether in 2024, during Howard Lutnick's tenure as chairman and CEO. Blumenthal estimates the stake's value climbed from $600M to roughly $10B since Trump returned to office, and claims the Lutnick family took home more than $250M in the same period, including a $192M Cantor distribution.
The letter also asks how Cantor monitors sanctions compliance, after subcommittee investigators flagged USDT's role in Iran's shadow-banking network. Tether pushed back, saying it has frozen nearly $550M in Iran-linked USDT this year and works with law enforcement.
Tether's dollar rail now sits inside a national-security inquiry. A 5% stake estimated at $10B is no longer a banking relationship. It is a balance-sheet exposure, and it is about to be priced by politics instead of markets.
$USDT $BTC $ETH
At the center is a reported 5% stake Cantor acquired in Tether in 2024, during Howard Lutnick's tenure as chairman and CEO. Blumenthal estimates the stake's value climbed from $600M to roughly $10B since Trump returned to office, and claims the Lutnick family took home more than $250M in the same period, including a $192M Cantor distribution.
The letter also asks how Cantor monitors sanctions compliance, after subcommittee investigators flagged USDT's role in Iran's shadow-banking network. Tether pushed back, saying it has frozen nearly $550M in Iran-linked USDT this year and works with law enforcement.
Tether's dollar rail now sits inside a national-security inquiry. A 5% stake estimated at $10B is no longer a banking relationship. It is a balance-sheet exposure, and it is about to be priced by politics instead of markets.
$USDT $BTC $ETH