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FollowingSenate opens investigation into Cantor Fitzgerald's financial relationship with Tether
Cantor Fitzgerald is facing a U.S. Senate question about its financial relationship with Tether. Lawmakers asked for details on the investment bank's stake in TEDA, custody income, sanctions controls and whether any financial benefits flowed to the family of Commerce Secretary Howard Lutnick.
Richard Blumenthal, the senior Democrat on the Senate Permanent Investigation Subcommittee, sent a letter to Cantor Chairman Brandon Lutnick on Thursday requesting records covering the company's relationship with TEDA issuers. The investigation required Canto to disclose annual income from TEDA, the gains the Lutnik family earned from the relationship, and records related to Canto's reported 5% stake in stablecoin companies. The deadline for replies is October 23.
What information does the Senate require Cantor to disclose?
The scope of this request goes well beyond Canto's role as custodian of TEDA's U.S. Treasury holdings. Blumenthal sought information including Canto's anti-money laundering (AML) and know-your-customer (KYC) controls on TEDA, its monitoring of sanctions compliance, and whether the company had considered terminating its relationship with the platform. The letter also asked for Howard Lutnik's communications about Tedar before and after leaving Cantor to become Commerce Secretary, including discussions with regulators, the White House and government officials.
Another investigation focused on the transfer of Lutnik's stake in Canto. The company announced in May 2025 that its shareholding would be transferred through a trust, with the beneficiaries of Brandon Lutnick, Kyle Lutnick and their other adult children. Blumenthal asked about the terms of the deal and any loan or other financing history from TEDA that may be related to the funding arrangement. Similar questions were raised earlier this year when senators sought information about TEDA loans allegedly linked to the Lutnik family.
Investor Perspective: Risk and Value Assessment
The immediate risk lies in information disclosure: This investigation may reveal the size of Canto's revenue from TEDA and the extent to which its ownership, custody business and family financial connections overlap.
Commercial value of the relationship between Canto and TEDA: 参议院信函引用了估算数据，称坎托持有的5%泰达币权益价值已从2024年的约6亿美元增至约100亿美元。不过，这些数字仅为估算值，而非披露的交易价格或经独立验证的估值。此外，坎托还通过管理支持USDT的资产获得收入。截至6月底，泰达币流通代币规模约为1846亿美元，其储备高度集中于美国国债和其他短期资产。随着泰达币在美国受监管的稳定币项目扩展，双方关系进一步深化。坎托担任USAT（通过安克雷奇数字银行发行）的储备托管人和首选一级交易商。参议员还询问坎托是否要求对泰达币进行独立审计。这一问题因泰达国际（Tether International）于8月完成首次由毕马威（KPMG）执行的全面财务报表审计而具有了新的背景，该审计对其2025年账目出具了无保留意见。
为何制裁控制成为调查焦点？
这封致坎托的信函紧随民主党参议院小组委员会调查人员于9月发布的一份报告之后，该报告审查了与美国制裁网络及伊朗相关钱包地址关联的USDT使用情况。调查人员分析了846个被制裁或面临扣押风险的钱包地址，指出其中84%的地址 exclusively 或几乎 exclusively 使用USDT进行交易。报告认为，特别是在2023年底制裁政策变更之前，泰达币未能及时冻结涉嫌非法活动的钱包地址。泰达币对此说法表示异议，并强调其与执法部门的合作。该公司表示，在2026年期间，涉及其稳定币的行动已冻结了约5.5亿美元的与伊朗相关的资产，其中包括4月冻结的超过3.44亿美元，以及7月冻结的超过1.3亿美元。例如，在美国实施制裁行动后，泰达币于7月冻结了与四个伊朗央行钱包地址相关的约1.31亿美元资金。
投资者视角： 争议的核心不在于USDT是否流入受制裁网络，而在于泰达币及其金融合作伙伴是否能够足够迅速地识别并阻断这些资金流。
后续发展
The October 23 deadline makes Canto's response the next concrete milestone. Although the congressional document request does not constitute a basis for finding that Canto, TEDA or Lutnik family members violated any law, the unanswered questions have important commercial significance. Canto plays multiple roles at the same time: it is a reserve custodian, business partner and investor in TEDA, and the stablecoin company has become one of the world's largest holders of U.S. government debt. Any disclosure of Canto's annual custody fees, the economic benefits of its TEDA stake or financing information related to the transfer of Lutnik's stake will provide investors with a clearer view to the increasingly important partnership for the two companies.
