Cantor Fitzgerald faces Senate Democrat’s questions over Tether ties
The letter follows a report by the Democratic investigators last month alleging Tether’s USDT has become a key tool for Iran’s shadow banking network.
US investment bank Cantor Fitzgerald is facing scrutiny from a Senate Democrat over its ties to Tether, with Senator Richard Blumenthal demanding records on the firm’s partnership with the stablecoin issuer and how much Commerce Secretary Howard Lutnick’s family has made from the arrangement.
In a letter on Thursday, Blumenthal, the ranking Democrat on the Senate’s Permanent Subcommittee on Investigations, asked Cantor chairman Brandon Lutnick to explain how it monitors Tether’s compliance with banking and sanctions laws, along with all communications involving Howard Lutnick about Tether, including after he left Cantor.
“Disturbingly, Cantor Fitzgerald’s lucrative business arrangements with Tether come at the expense of America’s national security,” Blumenthal wrote.