PANews reported on May 15th that according to CoinDesk, Brandon Lutnick, chairman of Cantor Fitzgerald, revealed at the Consensus 2025 conference in Toronto that during the early stages of cooperation with Tether, he personally verified the stablecoin issuer's reserve situation. This was aimed at responding to market doubts about Tether's insufficient reserves at the time. In 2019, the New York Attorney General accused Tether of having a nearly $1 billion funding gap, but the two parties subsequently reached a settlement.
Lutnick became chairman of Cantor Fitzgerald in February 2025, and his father Howard Lutnick was appointed as the US Secretary of Commerce by Trump. He denied media reports about his internship at Tether in 2023 but acknowledged learning cryptocurrency knowledge from the Tether team.
