Donald Trump · US Senate · Tether · Democrats · U.S. · CoinDesk
Top Democrat among Senate investigators probes ties between Cantor Fitzgerald, Tether
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The top Democrat on the Senate Permanent Subcommittee on Investigations, Richard Blumenthal, is demanding answers about the ties between Cantor Fitzgerald and the worldwide leader in stablecoins, Tether.
Key facts
- Blumenthal sent a letter Thursday to Cantor's CEO, Brandon Lutnick, the son of President Donald Trump's Secretary of Commerce Howard Lutnick, who handed the company reins to his son when he joined
- The top Democrat on the Senate Permanent Subcommittee on Investigations, Richard Blumenthal, is demanding answers about the ties between Cantor Fitzgerald and the worldwide leader in stablecoins
- While Tether claims to operate out of El Salvador, the vast majority of its assets reside in the United States under your custodianship," the Connecticut lawmaker wrote
- Neither Cantor Fitzgerald nor Tether immediately responded to requests for comment sent to their spokespeople
Summary
U.S. Senator Richard Blumenthal is continuing to dig into Tether’s financial relationships, sending the CEO of Cantor Fitzgerald a letter requesting information on the relationship between the financial firm and the stablecoin issuer. The CEO letter recipient is Brandon Lutnick, the son of U.S. Secretary of Commerce Howard Lutnick, who transferred that leadership post at the company when he left to join President Donald Trump’s administration. Cantor holds and manages Tether’s reserves in the U.S., and the two companies share several other business interests. Blumenthal sent a letter Thursday to Cantor's CEO, Brandon Lutnick, the son of President Donald Trump's Secretary of Commerce Howard Lutnick, who handed the company reins to his son when he joined the administration.