Warren Targets Trump’s Commerce Nominee Howard Lutnick

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Crypto Concerns: Senator Warren Targets Trump's Commerce Nominee Howard Lutnick

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 29, 2025

Key Takeaways

Senator Warren questions Lutnick’s ties to Tether and whether they could impact his role as Commerce Secretary;
She demands answers on his financial stake, discussions with Trump officials, and Tether’s compliance with regulations;
Though Lutnick will divest from Cantor Fitzgerald, Warren argues his connections to Tether remain a concern.

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Crypto Concerns: Senator Warren Targets Trump's Commerce Nominee Howard Lutnick

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Senator Elizabeth Warren has raised concerns about Howard Lutnick, President Donald Trump’s pick for Commerce Secretary, due to his company's ties to Tether USDT $0.9984 .

Lutnick, the CEO of Cantor Fitzgerald, is set to face a confirmation hearing on January 29, where these issues may arise. She pointed out that if he is confirmed, he will get “extraordinary access” to key officials, including President Trump.

In a letter dated January 27, Warren said she was worried about Lutnick’s “deep involvement” with Tether, a cryptocurrency she claims is often used for illegal activities.

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Warren, the top Democrat on the Senate Banking Committee, questioned whether Lutnick could prioritize public interest over personal financial ties.

Warren sent Lutnick a list of 13 questions. She asked about his current financial ties to Tether, any discussions he has had with the Trump administration about the company, and whether Cantor Fitzgerald checked if Tether follows financial regulations, such as anti-money laundering (AML) rules and international sanctions.

She noted that although Lutnick has agreed to sell his stake in Cantor Fitzgerald, which owns 5% of Tether and manages its assets, that does not erase his close connections to the company.

Warren requested responses by February 10, though she is not part of the Senate committee responsible for his confirmation.

On January 12, Senator Warren also sent an open letter to Scott Bessent, the US Secretary of the Treasury. What did the letter highlight? Read the full story.