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Democratic senators question the Lutnick family trust loan to Tether.
Deep Tide TechFlow News, May 1st, according to The Block, U.S. Senator Elizabeth Warren and Ron Wyden wrote to Tether CEO Paolo Ardoino and U.S. Commerce Secretary Howard Lutnick, requesting an explanation regarding Tether providing loans to family trusts related to Lutnick’s children. Both stated that the loan might involve Tether assisting their children in purchasing Cantor Fitzgerald equity and acquiring related asset interests. Cantor Fitzgerald has been providing custodial services for Tether’s reserves since 2021. The letter also mentioned Tether’s regulatory history and concerns over conflicts of interest related to the GENIUS Stablecoin Act.