US Senators Question Commerce Secretary Lutnick Over Tether Loan Ties

Howard Lutnick formerly served as CEO of financial services firm Cantor Fitzgerald, which manages assets for Tether and acquired a 5% stake through convertible bonds worth up to $600 million. After joining the administration, Lutnick became involved in digital-asset policy, while a family trust accepted a loan from Tether, raising concerns about conflicts of interest and oversight of a foreign stablecoin issuer.

Lutnick sold his stake in Cantor Fitzgerald to his children on October 6, 2025. New York filings the next day showed that Tether had made an undisclosed loan to Dynasty Trust A, whose beneficiaries are his four children, secured by all of the trust’s assets. Senators Elizabeth Warren and Ron Wyden sent a letter on April 29, 2026, demanding details of the terms by May 13.