Senators Question Lutnick Over Tether-Backed Loan
Sens. Warren and Wyden asked Commerce Secretary Howard Lutnick whether a Tether loan to a trust for his children financed his October sale that left one trust with a majority stake in Cantor.
Senators Elizabeth Warren and Ron Wyden asked Commerce Secretary Howard Lutnick in a letter dated April 29 to explain whether a loan from Tether to a trust for his children helped finance his October sale of his stake in Cantor Fitzgerald, a sale that left one trust with a majority stake.
The senators requested details on whether the loan financed the divestiture, whether Lutnick had a role in obtaining the loan, the loan’s size and terms, and whether he has had contact with Tether or its executives since taking office. They asked for a timeline of events and copies of any loan documents, communications and conflict-of-interest reviews related to the transaction.
The loan was reportedly secured by “all assets” in the trust. In the April 29 letter the senators wrote, “We want to ensure that Tether has not sought to bribe or otherwise exert control or influence over you.”
Lutnick agreed to divest from Cantor when he became Commerce Secretary in February 2025 and completed the sale in October 2025. He transferred ownership to multiple trusts that benefit his four children; the trust that reportedly received the loan holds more than half of Cantor’s equity.
Cantor Fitzgerald manages large holdings of U.S. Treasury bonds that are used to back Tether’s USDT stablecoin. Lutnick previously expressed public support for Tether at the 2024 World Economic Forum, saying, “There’s a company that I like called Tether… they have the money they say they have.”
The inquiry is part of Democratic lawmakers’ scrutiny of crypto industry ties to administration officials. Warren and Wyden asked the Commerce Department to provide documents and answers to clarify whether any financial support from Tether was connected to Lutnick’s decision-making or benefited Tether.
Tether and the Department of Commerce did not immediately respond to requests for comment. The senators asked for a prompt response and copies of any relevant agreements, communications and conflict-of-interest reviews.
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