Senator Demands Cantor Fitzgerald Reveal Tether Ties as Lutnick Family Profits Balloon
Sen. Richard Blumenthal is putting the squeeze on Cantor Fitzgerald. The Senate's top Democrat on investigations wants the Wall Street firm to hand over records on its business relationship with Tether — and he wants answers by October 23.
The 13-item request targets Cantor's role as custodian of Tether's reserves — the cash and assets backing every USDT in circulation. Blumenthal claims the firm's 5% stake in Tether has ballooned from $600 million to an estimated $10 billion since Trump returned to office. On top of that, Cantor collects tens of millions of dollars a year just from holding Tether's assets.
The Lutnick Connection
Commerce Secretary Howard Lutnick ran Cantor until his confirmation in February 2025. The firm is now chaired by his son, Brandon Lutnick. Blumenthal alleges the family has pulled in more than $250 million since Trump's return — including a $192 million distribution from Cantor.
The senator also wants the terms of any Tether loan that helped Lutnick transfer his stake to his children. That request tracks a reported loan from Tether to a trust for Lutnick's four children, made around the time they bought out their father's stake. Sens. Warren and Wyden asked about the same loan back in April.
Why This Matters for Crypto
Tether isn't some minor stablecoin. It's the largest one, and USDT is the backbone of crypto trading. If Tether's reserves are being managed by a firm tied to a sitting Cabinet secretary's family, that's a conflict of interest worth watching.
- Cantor safeguards the reserves backing every USDT in circulation
- Blumenthal claims the Lutnick family made over $250 million since Trump returned
- The senator wants records on Tether's sanctions and AML compliance
- Warren and Wyden already probed the reported Tether loan in April
The letter doesn't accuse Cantor of breaking any specific law. But it puts the Tether-Cantor relationship under a microscope. And that scrutiny could shape how stablecoins get regulated next — something every crypto trader should pay attention to.