TechFlow News, May 1: According to The Block, U.S. Senators Elizabeth Warren and Ron Wyden sent a letter to Tether CEO Paolo Ardoino and U.S. Secretary of Commerce Howard Lutnick, requesting clarification regarding a loan provided by Tether to a family trust associated with Lutnick’s children. The senators stated that the loan may have facilitated the purchase by Lutnick’s children of equity in Cantor Fitzgerald held by Lutnick, thereby granting them related asset interests. Cantor Fitzgerald has served as custodian for Tether’s reserves since 2021. The letter also references Tether’s regulatory history and concerns about potential conflicts of interest related to the proposed GENIUS Stablecoin Act.
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