Blumenthal probes Cantor Fitzgerald's ties to Tether

Sen. Richard Blumenthal, the top Democrat on the Senate Permanent Subcommittee on Investigations, has sent a letter to Cantor Fitzgerald's CEO requesting information on the firm's financial relationship with Tether. The inquiry targets Cantor's roughly 5% stake in the stablecoin issuer and its custody of a substantial share of Tether's $100 billion-plus reserves — a connection that also runs through Commerce Secretary Howard Lutnick, who ran Cantor until recently.

The move extends Blumenthal's scrutiny of Tether after his subcommittee published a report linking USDT to Iran's shadow banking network. No response from Cantor or further details were disclosed.