Warren, Wyden Seek Details on Tether Loan to Lutnick Trust

Senators Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) wrote to Commerce Secretary Howard Lutnick and Tether CEO Paolo Ardoino requesting documents and explanations about a reported loan from the stablecoin firm to ‘Dynasty Trust A,’ a trust that benefits Lutnick’s four children.

The senators say Lutnick transferred his stake in Cantor Fitzgerald to his four children in October 2025 to comply with federal ethics rules, and that a day later Tether made an undisclosed loan to ‘Dynasty Trust A.’ They asked for documents to determine the size, terms and purpose of the loan and any communications or agreements linking the loan to Lutnick’s role at the Commerce Department.

The letter states the reports, if accurate, would “raise serious questions about the relationship between Secretary Lutnick and Tether.” It adds, “We want to ensure that Tether has not sought to bribe or otherwise exert control or influence over Secretary Lutnick.”

Warren and Wyden requested loan agreements, records of communications between Lutnick or his office and Tether representatives, and documents related to the transfer of Cantor Fitzgerald ownership to Lutnick’s children. They asked for responses and documents to assess potential conflicts of interest and compliance with ethics rules.

The senators noted the GENIUS Act, passed in July 2025, which provided regulatory clarity for stablecoin firms. The letter says any loan would be “even more troubling” given reports of favorable treatment for Tether in that legislation.

Tether has faced prior regulatory actions. In 2021 the firm paid a $41 million penalty to the Commodity Futures Trading Commission over statements related to its USDT stablecoin. Federal authorities opened a criminal probe in 2024 into possible sanctions and anti-money-laundering violations.

The senators’ inquiry referenced other ties between crypto stakeholders and politicians. It cites a 2024 personal gift of $6.7 million from a Tether stakeholder to British politician Nigel Farage and later donations to his party.

Requests for comment to Tether and to the Commerce Department were not answered at the time of the senators’ letter.

The senators set a deadline for documents and responses in their letter to allow review of whether ethical or legal rules were followed and whether any Department of Commerce actions were influenced.