U.S. Commerce Secretary Howard Lutnick's financial dealings have come under scrutiny following a loan from Tether to a trust benefiting his children. In October 2025, Lutnick sold his multi-billion dollar stake in Cantor Fitzgerald to a trust fund for his children to comply with federal ethics regulations. Concurrently, one of these trust funds secured an undisclosed loan from Tether, using all its assets as collateral. The transaction included convertible bonds granting Cantor a 5% stake in Tether. While the company asserts that the transaction adheres to ethical agreements and does not pledge control, experts warn that if the loan facilitated the equity transfer, it could undermine the independence of the asset divestiture and create potential conflicts of interest.