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Senators Warren, Wyden Press Tether Over Loan to Lutnick Family Trust

GateNews
Regulation & PolicyEnforcement Actions
Democratic Senators Elizabeth Warren and Ron Wyden sent a letter this week to Commerce Secretary Howard Lutnick and Tether CEO Paolo Ardoino questioning a reported loan made by Tether to a family trust where Lutnick's four children are beneficiaries. The senators expressed concern that the loan, made around the same time Lutnick transferred his ownership stake in Cantor Fitzgerald to trusts for his children, may constitute an improper financial arrangement. According to Bloomberg, the undisclosed loan was made to one of the trusts as Lutnick's children purchased his assets from the firm, which he led before becoming Commerce Secretary in February 2025. Cantor Fitzgerald and Tether have maintained close ties since 2021, when the firm began serving as a custodian for Tether's reserves.
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