Warren, Wyden Question Lutnick Over Tether Loan

Senators Elizabeth Warren and Ron Wyden on April 29 asked Commerce Secretary Howard Lutnick to explain a reported October loan from Tether to a trust that benefits his four children, a transaction that coincided with his sale of a Cantor Fitzgerald stake.

The senators’ letter seeks answers on whether the Tether loan financed Lutnick’s divestiture, whether he had any role in arranging the loan, the loan’s size and terms, and whether he has communicated with Tether or its executives since taking office.

The reporting cited by the senators says the trust that borrowed from Tether holds more than half the equity in Cantor Fitzgerald and that the loan was backed by “all assets” in the trust. The timing matched Lutnick’s transfer of his multibillion-dollar stake into multiple family trusts following his Cabinet appointment.

Lutnick became Commerce Secretary in February 2025 and completed his divestiture in October 2025. Cantor Fitzgerald manages a large portfolio of U.S. Treasury securities that are used to back USDT, the stablecoin issued by Tether.

The senators wrote, “If reports of this loan are accurate, it would raise serious questions about your relationship with Tether and the company’s influence on your policy decisions,” and added, “We want to ensure that Tether has not sought to bribe or otherwise exert control or influence over you.”

The letter asks for documents, communications and a timeline and requests that Lutnick provide responses and relevant materials by the deadline specified in the April 29 letter. The inquiry seeks to establish whether the reported loan affected Lutnick’s private transactions or could influence his official duties.

At the World Economic Forum in 2024, Lutnick praised Tether, stating, “There’s a company that I like called Tether. From what we’ve seen, and we did a lot of work, they have the money they say they have.”

Tether and the Commerce Department did not immediately respond to requests for comment. The inquiry comes amid increased congressional scrutiny of financial ties between officials and cryptocurrency firms.