Senator Blumenthal Sends Letter of Inquiry Regarding Tether's Partnership with Cantor Fitzgerald

On October 9, according to CoinDesk, Richard Blumenthal, the top Democrat on the U.S. Senate investigative subcommittee, is conducting an in-depth investigation into the financial ties between stablecoin issuer Tether and U.S. financial institution Cantor Fitzgerald. Blumenthal sent a letter to Cantor Fitzgerald CEO Brandon Lutnick, demanding detailed disclosure of their business relationship.

The report notes that Cantor Fitzgerald holds and manages the majority of Tether’s reserves in the United States. In the letter, Blumenthal questioned Lutnick, asking whether the firm has benefited from illegal financial activities related to Iran and Russia through this relationship. He also requested specific data on the company’s banking operations and sanctions compliance mechanisms.

The letter also requests a detailed account of the internal investigation steps Cantor Fitzgerald has taken regarding allegations of money laundering involving Tether. This correspondence comes as Democrats hold strong momentum ahead of the November elections; if they regain control of the Senate, their investigative authority will likely expand significantly.