Senator writes to Cantor, inquiring about the relationship with Tether

On October 8, 2026, Senator Richard Blumenthal, the chief member of the minority party of the U.S. Senate Permanent Subcommittee on Investigations, sent a letter to Cantor Fitzgerald Chairman Brandon Lutnick, requesting the preservation of documents and answers regarding the company's relationship with the stablecoin issuer Tether. The deadline for responses to the five-page letter is October 23, 2026. This request comes from the minority party of the subcommittee and is part of an investigative inquiry, not a law enforcement order, nor does it constitute a determination against Cantor, nor does it change the operation or redemption of USDT.

The letter states that since President Trump took office again, the valuation of Cantor's 5% stake in Tether has risen from $600 million to an estimated $10 billion, and Cantor earns tens of millions of dollars annually for holding assets on behalf of Tether; former Cantor Chairman and current Secretary of Commerce Howard Lutnick has profited over $250 million during the same period, including a $192 million distribution from Cantor. The page notes that the aforementioned content represents allegations and estimates made by the senator and does not reflect conclusions drawn from this request. Blumenthal also wrote that Tether claims to operate in El Salvador, but the vast majority of its assets are in the United States and are held by Cantor.