Senator Elizabeth Warren has raised concerns about Howard Lutnick, President Donald Trump’s pick for Commerce Secretary, due to his company’s ties to Tether
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Lutnick, the CEO of Cantor Fitzgerald, is set to face a confirmation hearing on January 29, where these issues may arise. She pointed out that if he is confirmed, he will get “extraordinary access” to key officials, including President Trump.
In a letter dated January 27, Warren said she was worried about Lutnick’s “deep involvement” with Tether, a cryptocurrency she claims is often used for illegal activities.
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Warren, the top Democrat on the Senate Banking Committee, questioned whether Lutnick could prioritize public interest over personal financial ties.
Warren sent Lutnick a list of 13 questions. She asked about his current financial ties to Tether, any discussions he has had with the Trump administration about the company, and whether Cantor Fitzgerald checked if Tether follows financial regulations, such as anti-money laundering (AML) rules and international sanctions.
She noted that although Lutnick has agreed to sell his stake in Cantor Fitzgerald, which owns 5% of Tether and manages its assets, that does not erase his close connections to the company.
Warren requested responses by February 10, though she is not part of the Senate committee responsible for his confirmation.
On January 12, Senator Warren also sent an open letter to Scott Bessent, the US Secretary of the Treasury. What did the letter highlight? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
