Howard Lutnick, chairman of Cantor Fitzgerald and President Trump's nominee for U.S. Commerce Secretary, faced Senate scrutiny over the firm's ties to Tether. Lutnick softened previous assurances regarding Tether's reserves, stating that Cantor Fitzgerald does not conduct continuous diligence on Tether's financial statements.
Howard Lutnick faced more Senate scrutiny over Cantor Fitzgerald 's ties to Tether , softening previous assurances on USDT 's reserves.Howard Lutnick, the chairman of Cantor Fitzgerald and President Donald Trump's pick for U.S. Commerce Secretary, was recently playing defense during another nomination hearing in front of Senate Democrats about the financial services giant's investment in Tether , the company that issues the world's largest stablecoin, USDT .
“Cantor Fitzgerald is not conducting continuous diligence on Tether’s financial statements, but I believe my statements were accurate when made,” Lutnick said according to a published transcript, dialing back his previous claim that “Tether has every penny, and it can produce liquidity on a moment’s notice.”Lutnick also confirmed that “Cantor Fitzgerald made a convertible debt investment in the holding company that owns the Tether stablecoin business in April 2024.
Tether's critics often say that there should be an audit of the company's books, given the importance that USDT has on the broader crypto ecosystem. While Lutnick acknowledged this should happen for U.S. dollar stablecoin issuers, he stopped short of demanding it for Tether.
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