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U.S. Senators Elizabeth Warren and Ron Wyden escalated scrutiny of a reported Tether loan connected to Commerce Secretary Howard Lutnick’s family trust, raising conflict-of-interest and national security concerns. In letters dated April 30, 2026, the senators asked Lutnick and Tether CEO Paolo Ardoino to provide details about the loan’s terms, communications, and any implications for stablecoin policy and U.S. market access.
The inquiry centers on a reported New York credit filing indicating that Tether lent an undisclosed amount to “Dynasty Trust A,” a trust benefiting Lutnick’s four children. The filing reportedly surfaced one day after Lutnick divested his Cantor Fitzgerald stake by selling it to his children.
Warren and Wyden said the reported arrangement would raise questions about the relationship between Lutnick and Tether and whether Tether could influence Lutnick’s policy decisions. They wrote that they want to ensure “Tether has not sought to bribe or otherwise exert control or influence over Secretary Lutnick.”
The senators also said the loan was reportedly secured by “all assets” held by the trust, including “more than half the equity” in Cantor Fitzgerald. They added that the document raises questions about whether Tether helped finance the purchase and secured an interest in the children’s assets.
Warren and Wyden further linked the loan question to broader concerns about stablecoin oversight. They said USDT has been used to finance illicit activity worldwide and cited a reported Department of Justice investigation in 2024 into possible sanctions and anti-money laundering violations.
The letters also referenced reports that USDT has been used by black market Russian weapons dealers, terrorist organizations including Hezbollah, human traffickers, and state actors in North Korea and Iran. The senators cited a UK law enforcement case involving a multi-billion Tether-based laundering scheme, a United Nations report on cyber-enabled fraud and money laundering, and enforcement actions by the New York State Attorney General and the Commodity Futures Trading Commission.
The senators requested responses from Lutnick and Tether by May 13, 2026. The letter to Tether asks whether the company provided the loan, whether it helped finance Lutnick’s divestiture, what role Lutnick played, and whether the loan backs USDT.
The letter to Lutnick asks about his awareness of the loan, its size and terms, communications with Tether, his role in the GENIUS Act, and any national security concerns raised by officials. Warren and Wyden wrote that while the GENIUS Act “may now be the law,” Congress must ensure politically connected crypto interests do not receive special treatment that could undermine national security.
The inquiry keeps the reported loan, Tether’s regulatory record, and stablecoin legislation under congressional scrutiny.
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