Senators Seek Details on Tether Loan Linked to Lutnick Sale

Senators Elizabeth Warren and Ron Wyden on April 29 asked Commerce Secretary Howard Lutnick to provide details about a loan from Tether to a trust that benefits his four children and whether that loan financed his October sale of a multibillion-dollar stake in Cantor Fitzgerald.

The senators wrote that the trust borrowed from Tether in October, the same month Lutnick completed his divestiture after becoming Commerce Secretary in February 2025. The letter notes the borrowing trust reportedly holds more than half the equity in Cantor and that the loan was secured by “all assets” in the trust.

The letter asks whether the Tether loan financed the divestiture; whether Lutnick played any role in procuring, soliciting or negotiating the loan; the loan’s size and material terms; and whether Lutnick has had any contact with Tether or its executives since taking office.

The senators also requested documentation and a timeline of any communications between Lutnick and Tether, details on the loan collateral and repayment schedule, and whether any of Lutnick’s family members continue business ties to entities connected to Tether.

They wrote that confirmation of the loan’s terms and Lutnick’s involvement is necessary to determine whether any ethical or legal issues arise from the transactions and included the line: “We want to ensure that Tether has not sought to bribe or otherwise exert control or influence over you.”

Lutnick is the former chairman and chief executive of Cantor Fitzgerald. Cantor manages U.S. Treasury bonds that are used to back Tether’s USDT stablecoin. In 2024 at the World Economic Forum, Lutnick publicly vouched for Tether, saying the firm “has the money they say they have.”

Tether and the Department of Commerce did not respond to requests for comment. The senators’ inquiry follows reporting that linked the timing of the loan to Lutnick’s divestiture and asks whether the transactions have any bearing on his duties as Commerce Secretary.