According to Bloomberg, Democratic Senators Elizabeth Warren and Ron Wyden sent a letter this week to Commerce Secretary Howard Lutnick and Tether CEO Paolo Ardoino questioning whether Tether made a loan to a family trust benefiting Lutnick’s children to help them purchase his stake in Cantor Fitzgerald. Bloomberg reported last month that one of the trusts holding Lutnick’s Cantor Fitzgerald stake borrowed an undisclosed amount from Tether around the time he transferred ownership to trusts for his four children. Lutnick became Commerce Secretary in February 2025, and Cantor Fitzgerald has served as a custodian for Tether’s reserves since 2021. The senators expressed concern that the loan could constitute improper influence, stating in their letter that if Tether provided capital for the purchase in exchange for interest in the children’s assets, it would raise serious conflict-of-interest questions.
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