Senator Blumenthal Seeks Cantor Fitzgerald Records on Tether Deal and Lutnick Family Profits
U.S. Senator Richard Blumenthal has requested financial and compliance records from Cantor Fitzgerald as part of an inquiry into the firm's relationship with stablecoin issuer Tether and potential financial benefits to the Lutnick family. According to In an October 8, 2026, letter, Blumenthal sought details about investment returns, custody of Tether's reserves and the firm's oversight of compliance obligations.
The senator directed Cantor Fitzgerald Chairman Brandon Lutnick to provide the requested documents by October 23. He also instructed the firm to preserve relevant records and communications concerning its business dealings with Tether.
Cantor Fitzgerald's Tether Investment and Revenue Under Review
Cantor Fitzgerald began managing portions of Tether's U.S. Treasury reserves in 2021, when Howard Lutnick led the financial services firm. The relationship expanded in April 2024, when Cantor negotiated an investment that further connected the two businesses.
Blumenthal's letter estimates that Cantor's 5% ownership stake rose in value from $600 million to approximately $10 billion following President Donald Trump's return to office. The senator also cited reports that Cantor earns tens of millions of dollars annually from managing assets backing Tether's USDT stablecoin and requested detailed revenue figures.
The inquiry seeks information about financial benefits received by members of the Lutnick family through Cantor's investment and reserve custody arrangements with Tether. Blumenthal is also examining the firm's compliance oversight, including its procedures for addressing anti-money-laundering requirements and U.S. sanctions regulations.
Inquiry Examines Allegations Involving Iranian and Russian Networks
A September 28 subcommittee minority report alleged that USDT had facilitated Iranian shadow banking operations and transactions involving illicit financial networks. Blumenthal requested records showing whether Cantor investigated allegations related to Iranian financial networks and potential Russian sanctions evasion.
The document request places the firm's handling of compliance concerns alongside questions about its financial relationship with Tether. The allegations cited in the inquiry are not, by themselves, a finding that Cantor Fitzgerald violated applicable laws or regulations.
Lutnick Family Ownership Transfers Also Face Scrutiny
Howard Lutnick stepped down from Cantor Fitzgerald after his confirmation as U.S. commerce secretary in February 2025. Leadership responsibilities subsequently shifted to family members, with Brandon Lutnick becoming chairman and another son taking the vice chairman position.
Blumenthal is seeking documents explaining the ownership transfer, including any financing arrangements or loans from Tether connected to the transaction. The inquiry also references reports that Howard Lutnick received more than $250 million in income, including a $192 million distribution from Cantor.
Investigators have additionally requested communications concerning Tether fundraising, regulatory issues and family ownership interests following Howard Lutnick's departure. Cantor Fitzgerald faces an October 23 deadline to provide the requested records.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.