Warren and Wyden Seek Answers on Tether Loan to Lutnick Trust

Senators Elizabeth Warren and Ron Wyden sent a letter on April 29 asking whether a loan from Tether to a trust benefiting Commerce Secretary Howard Lutnick’s children financed his October sale of his stake in Cantor Fitzgerald.

According to a recent report, the trust that benefits Lutnick’s four children borrowed from Tether in October, the same month Lutnick completed the divestiture. The report said that trust holds more than half the equity in Cantor Fitzgerald and that the loan was backed by “all assets” in the trust.

In their letter, the senators asked Lutnick to disclose whether Tether’s loan financed the purchase of his shares, whether he participated in procuring, soliciting or negotiating the loan, the loan’s size and terms, and whether he has had any contact with Tether or its executives since becoming Commerce Secretary. They requested documents and communications related to the loan and asked Lutnick to explain whether any terms of the trust or loan give Tether a claim on family assets that could affect his official duties.

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.” They added, “We want to ensure that Tether has not sought to bribe or otherwise exert control or influence over you.”

Lutnick agreed to divest his interest in Cantor Fitzgerald when he became Commerce Secretary in February 2025 and completed the divestiture in October 2025. He was the longtime chairman and CEO of Cantor Fitzgerald, the New York financial services firm that manages U.S. Treasury holdings used to back Tether’s USDT stablecoin.

Lutnick has publicly defended Tether in the past. At the World Economic Forum in Davos in 2024, he said he believed the company had the reserves it reported: “From what we’ve seen, and we did a lot of work, they have the money they say they have.”

The senators’ inquiry comes amid continued oversight of financial and cryptocurrency industry ties among administration advisers and appointees. Lawmakers have raised potential conflicts of interest related to the crypto industry in hearings and oversight work.

Tether and the Department of Commerce did not immediately respond to requests for comment on the senators’ letter and the reported loan.