Howard Lungick, who is President Donald Trump’s candidate to be secretary to trade, draws a meticulous examination on his relationship with Tether from Senator Elizabeth Warren – the classification democrat of the banking committee of the Senate and one of the most reliable criticisms of the digital asset sector congress.
As CEO of Cantor Fitzgerald, the Wall Street firm that acts as a American banker for the first world stable issuer, Tether, the Massachusetts Democrat said that Lutnick had supported a crypto operation with “clear ties with” criminal activity “.
“You have played an essential role in the rise of Tether, a dark cryptographic company with profits exceeding $ 7.7 billion in 2024,” wrote Warren in a letter to Larnick, which argues the Commercial Committee on Wednesday of the Senate which envisages its confirmation to Trump’s Cabinet.
As a merchant of US Treasury from Tether and the main caretaker of his cash reserves, she suggested that the company of Lunick shares the responsibility of the illicit abuse of its stablecoin (USDT) by criminals and terrorists . She also argued that Cantor Fitzgerald has a part of Tether, although Lunick said on Wednesday that the company had a convertible link but not a direct participation.
“The use of the stablecoin of Tether has been the subject of more than 150 surveys on four continents, including here with the Ministry of Justice and the Ministry of the Treasury,” Warren wrote to Lutnick, who managed the team Trump’s transition when he returned to the White House.
The CEO of Tether, Paolo Ardoino, sought to defend the reputation of his business and said about the political rise of Lunick, “we do not expect any political favor of anyone”.
Lutnick said at the confirmation hearing that he supports more important American audit requests on Stablecoin issuers.
Read more: Howard Lunick: Tether Big Backer
