3 hours ago
Cantor Fitzgerald Chairman Brandon Lutnick personally verified Tether’s reserves erstwhile the steadfast began its narration with the stablecoin giant, helium said connected Wednesday astatine Consensus 2025 successful Toronto.
The 27-year-old said that successful the aboriginal days of Cantor Fitzgerald and Tether’s relationship, determination were “a batch of rumors” that Tether didn’t person the assets it claimed to have, referring to then-rampant speculation that Tether was not afloat backed. New York Attorney General Letitia James alleged successful 2019 that Tether had a astir $1 cardinal spread successful its books, though the regulator aboriginal settled these allegations with Tether and its sister firm, Bitfinex.
“I personally checked a batch of their reserves, and we proved a batch of those rumors wrong,” Lutnick said. Tether has maintained it has been afloat backed, astatine slightest since its colony with New York.
Lutnick was appointed president of Cantor Fitzgerald — the backstage genitor institution that controls the concern slope of the aforesaid name, brokerage BCG Group, and commercialized existent property institution Newmark Group — successful February, soon aft U.S. President Donald Trump named his father, Cantor Fitzgerald’s erstwhile CEO Howard Lutnick, U.S. Commerce secretary.
Prior to taking the helm astatine Cantor Fitzgerald, Lutnick worked for the steadfast successful different enforcement role. He denied reports from Bloomberg that helium interned with Tether successful Lugano, Switzerland successful 2023.
“Bloomberg really reported that I was a Tether intern. That is not true,” Lutnick said. “But I did larn a batch astir crypto from the Tether guys — they orange-pilled me.”
English (US) 