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FollowingSenator asks Cantor Fitzgerald to disclose business dealings with TEDAR
U.S. Senator Richard Blumenthal sent a letter to Cantor Fitzgerald on Thursday requesting detailed records of Tether-related business and the company to respond by October 23. The letter puts the Wall Street magnate's close connection with current Commerce Secretary Howard Lutnick and the companies he once oversaw under close scrutiny in Congress.
The surge in shareholding value raises national security concerns.
The letter pointed out that since President Donald Trump returned to the White House, the value of Canto Fitzgerald's 5% stake in TEDA has surged from US$600 million to approximately US$10 billion. "Canto Fitzgerald benefited from a profitable commercial arrangement with TEDA, but at the expense of U.S. national security," Blumenthal wrote in the letter.
Currently, the vast majority of TEDA assets are kept by Canto Fitzgerald on his behalf in the United States. As the top Democratic member of the Senate permanent investigation subcommittee, Blumenthal has sent the letter to Brandon Lutnick, chairman of Canto Fitzgerald.
Focus on questioning sanctions compliance and family benefit transfer
The letter asked Canto Fitzgerald to explain the origins of his partnership with TEDA, the income generated therefrom, and the benefits the Lutnik family earned from it. In addition, the letter also requested a record of the specific terms of Howard Lutnik relinquishing Canto Fitzgerald's ownership shares, as well as any relevant documents of a TEDA loan or other arrangement that assisted him in transferring the shares to his children.
Blumenthal also asked Canto Fitzgerald whether he required an independent audit of TEDA and how the company monitored stablecoin issuers 'compliance with U.S. sanctions and anti-money laundering regulations. He also asked the company to provide customer identification (KYC) and due diligence policies.
Report on linking Iran's shadow banking network
Blumenthal linked this request to the subcommittee's report on cryptocurrencies and Iran's shadow banking network released on September 28. The report found that "TEDA failed to freeze or destroy funds in wallets associated with terrorist financiers and other illegal actors."
In response, TEDA stated that it completed its first comprehensive audit in August, and KPMG issued an unqualified audit report on USDT. According to CoinMarketCap data, as of the time of writing, the USDT market value is approximately US$184 billion.
