Senator Blumenthal Investigates Cantor Fitzgerald’s Tether Relations
- Senator Richard Blumenthal has requested records from Cantor Fitzgerald regarding its business relationship with Tether, the issuer of USDT.
- Blumenthal claims that Cantor’s stake in Tether increased from $600 million to an estimated $10 billion since Donald Trump returned to office.
- The senator is seeking information on any loans that facilitated Howard Lutnick’s transfer of his Cantor stake to his children, as well as details on compliance with U.S. sanctions and anti-money-laundering rules.
- Cantor acts as a custodian for Tether, holding reserves meant to back every USDT in circulation, primarily located in the United States despite Tether’s claim of operating out of El Salvador.
- Blumenthal also highlights a report indicating that a significant portion of crypto wallets linked to Iran used USDT exclusively or nearly exclusively.
Senator Blumenthal has set an October deadline for Cantor Fitzgerald to respond with detailed records concerning their ties with Tether. The investigation focuses on potential national security risks and financial gains by the Lutnick family through these business arrangements without accusing them of any legal violations directly.
