Bloomberg: US Commerce Secretary took large Tether loan while selling company stake

U.S. Commerce Secretary Howard Lutnick, the former CEO of Cantor Fitzgerald, received a large loan from Tether while selling his stake in the company to his children to comply with federal regulations following his nomination, Bloomberg reported. The size and purpose of the loan were not disclosed, though the report raised suspicions that Lutnick used the funds to help his children purchase the stake. Both the Commerce Department and representatives for Lutnick maintain that the process was conducted legally. Bloomberg noted that Tether and Cantor Fitzgerald have had a close relationship in recent years, fueling a growing debate over potential conflicts of interest related to the Trump administration's pro-cryptocurrency policies. Lutnick was nominated in November 2024, at which time it was also reported that he was a major shareholder in Tether.