Cantor Fitzgerald faces Senate Democrat’s probe over Tether ties
Senator Richard Blumenthal has asked Cantor Fitzgerald for records on its Tether partnership, including compliance controls, communications with former chairman Howard Lutnick, and the financial benefits to his family. Cantor reportedly acquired rights to a 5% Tether stake in 2024 and holds custody of some of its Treasury reserves. Blumenthal alleges the stake’s value rose sharply and Lutnick received more than $250 million after President Trump returned to office. The request follows Senate investigators’ allegations that USDT has supported Iran’s shadow banking network. Blumenthal urged Treasury and the Justice Department to investigate possible sanctions violations. Tether says it cooperates with law enforcement and has frozen nearly $550 million in Iran-linked USDT. Cantor was asked to respond by Oct. 23.
