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FollowingSenator Richard Blumenthal asked Cantor Feldstein to provide records of his association with Tether (USDT)
On April 24, Senator Richard Blumenthal formally wrote to Cantor Fitzgerald requesting detailed records of his association with Tether (USDT), the issuer of the cryptocurrency. The move is based on a key fact: Canto currently holds approximately 5% of Tether's shares, which is worth as much as US$10 billion based on current valuations.
Core Points
- Blumenthal sent 13 specific requests to Canto Chairman Brandon Lutnick and set an October 23 deadline for responses. The
- letter aims to obtain revenue data, compliance records, and details of Canto's revenue from Tether's business, as well as benefits for the Lutnik family from this partnership.
- As of now, neither company has immediately responded. Because the Democratic Party is in the minority position in the Senate, Blumenthal is currently unable to exercise its mandatory subpoena power to force cooperation.
Details and background of the letter
As a senior Democratic member of the Senate Permanent Investigation Subcommittee, Blumenthal sent the letter to Canto Chairman Brandon Lutnick, the son of U.S. Commerce Secretary Howard Lutnick. The letter listed 13 specific requests and clarified the final response deadline of October 23.
Connecticut Senator Blumenthal wrote in the letter that since President Donald Trump returned to the White House, Canto's stake in Tether has surged from $600 million to about $10 billion. Canto also earns tens of millions of dollars in revenue every year by hosting assets for Tether, is believed to be. In addition, according to Blumenthal's statistics, during the same period, Howard Lutnik's personal income has exceeded $250 million, including $192 million in dividends from Canto.
Although the media repeatedly tried to contact both parties for comments, as of press time, neither agency immediately responded.
Regulatory Review Highlights
Blumenthal's letter questioned whether Canto required Tether to undergo regular audits by an independent auditor and how to track the issuer's compliance with sanctions. He also wanted details of the terms of Howard Lutnik's relinquishing ownership of Canto's company, including whether there were any loan arrangements involving Tether to transfer the shares to his children.
National security concerns raised by the Tether investigation
Blumenthal emphasized in his letter that Canto's deal with Tether "harmed U.S. national security interests." He pointed out that while Tether claims to operate in El Salvador, most of its assets are actually held by Canto, a U.S. -based company. He believes that this provides an important window for Congress to gain insight into the entire crypto industry.
鉴于民主党目前在参议院仅占少数席位，布卢门撒尔无权强制坎托公司回答问题。然而，如果民主党在11月的选举后赢得参议院多数席位，其委员会主席将获得签发传票的权力。据报道，Kalshi和Polymarket等交易平台上的交易者认为民主党获胜的概率分别为61%和64%。
伊朗相关报告的影响
此封信件紧随小组委员会民主党工作人员于9月28日发布的一份报告之后。该报告发现，在与伊朗有关联而被制裁或 targeted 的846个钱包地址中，有84%的地址几乎 exclusively 使用USDT进行交易。随后，布卢门撒尔要求财政部和司法部对此展开调查。Tether方面表示，今年已协助冻结了近5.5亿美元与伊朗相关的USDT资金。
坎托自2021年起开始为Tether持有储备金，并于2024年获得了5%股份的权益。
