US Senators Probe Commerce Secretary Over Alleged Tether Loan to Family Members

Senate Democrats have questioned US Commerce Secretary Howard Lutnick over reports that his family received a loan from Tether, a stablecoin issuer, to facilitate the transfer of his stake in Cantor Fitzgerald to his children. Senators Elizabeth Warren and Ron Wyden have asked Lutnick and Tether CEO Paulo Ardoino for clarification on the matter, citing concerns about the potential influence of Tether on Lutnick's policy decisions. The lawmakers' inquiries come after reports emerged that a trust tied to Lutnick's children had received a loan from Tether, which has been expanding its operations in the US. The incident has raised questions about the relationship between Lutnick, who is a member of the President's Working Group on Digital Assets, and Tether, which has been pursuing a US strategy. The senators have emphasized the importance of Lutnick making decisions that serve the public interest, rather than his personal or family interests.