Richard Blumenthal, top Democrat on the Senate Permanent Subcommittee on Investigations, sent a letter to Cantor Fitzgerald CEO Brandon Lutnick demanding explanations regarding the firm's custody relationship with Tether. Blumenthal cited that most of Tether’s assets are held in the United States and custodied by Cantor, raising concerns about oversight and regulatory adherence. The inquiry specifically requests details on banking operations, sanctions compliance safeguards, and any past relationship between Commerce Secretary Howard Lutnick and Tether. Blumenthal also demanded information on investigative measures taken to address alleged illicit use of Tether’s stablecoin within Iran’s shadow banking network and for evading sanctions against Russia.