- A Bloomberg article about current US Commerce Secretary Howard Lutnick’s relationship with a stablecoin issuer Tether has attracted the interest of Democratic senators.
- They called on Lyutnik to clarify the assistance Tether in the conduct of his personal commercial transactions, and also to confirm that this was not an act of corruption or lobbying for the company’s interests.
Yesterday we wrote about the scandalous connections between British politician and leader of the Reform UK party Nigel Farage and a shareholder Tether, who made him a large donation of £5 million. In doing so, he “secured the politician for the rest of his life” and forced him to reconsider his decision to refuse re-election.
It was revealed today that two US senators are demanding an explanation from Commerce Secretary Howard Lutnick in connection with a recent media report about the official’s relationship with the world’s largest issuer of stablecoins, USDT. Tether.
How to reported Bloomberg reported last month that a trust fund owned by Lutnick’s four children took out a loan from Tether in October, just as Lutnick sold them his multi-billion dollar stake in financial giant Cantor Fitzgerald.
Lutnick’s stake in Cantor Fitzgerald was reportedly sold to several trusts owned by his children. However, according to Bloomberg, the trust that took out the loan Tether, owns more than half of Cantor’s shares. Furthermore, the loan was secured by “all assets” of the trust.
If the reports about this loan are true, it will raise serious questions about your relationship with Tether and the company’s influence on your political decisions, Wrote Senators Elizabeth Warren and Ron Wyden in their letter dated April 29.
We want to make sure that Tether did not try to bribe you or otherwise put pressure on you.
In fact, Lyutnik has a long story interactions with TetherHe was a longtime chairman and CEO of New York-based financial services firm Cantor Fitzgerald, which manages billions of dollars in U.S. Treasury bonds that provide stablecoin Tether USDT.
The billionaire didn’t just do business with Tether, he personally vouched for the firm, which has constantly faced accusations that USDT is not fully backed by reserve assets.
There is a company that I like, – Tether”,” Lutnik said in an interview at the World Economic Forum in Davos in 2024. “From what we’ve seen, and we’ve done a lot of work, they have the money they claim to have.”
When he became Commerce Secretary in February 2025, he agreed to sell his stake in Cantor in October of that year. This raised questions among Democrats about whether the company had helped Tether his children to obtain the capital necessary to acquire Lutnick’s stake in Cantor Fitzgerald, and whether this influenced the policy decisions of the US Secretary of Commerce.
Both cases described demonstrate that all investigations are taking place in the public sphere, and despite all the suspicions, not a single official has been sued or removed from public service.
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