A Senate Democrat, Richard Blumenthal of Connecticut, presses Cantor Fitzgerald for records related to its ties with Tether, focusing on how the crypto stablecoin issuer and its U.S. financial partnership operate. The inquiry also seeks information on earnings tied to Commerce Secretary Howard Lutnick’s family’s involvement in Cantor Fitzgerald.
According to multiple outlets, the letter comes after previous reporting and investigative claims alleging that Tether’s USDT has been used as part of Iran’s “shadow banking” activity. Outlets describe the probe as part of broader Senate efforts led by Democrats to examine potential national-security and financial-risk concerns involving stablecoins and their links to traditional finance.
The outlets emphasize different aspects—some foreground the request for information about Lutnick family profits, while others stress the alleged connection between USDT and Iran-related financial networks—but all report that Blumenthal is seeking documentation from Cantor Fitzgerald about its relationship to Tether and related financial benefits.
