PANews reported on January 30 that Howard Lutnick, the nominee for U.S. Secretary of Commerce, was questioned at a Senate hearing about the relationship between his company Cantor Fitzgerald and Tether. Senator Maria Cantwell was concerned about Tether's reserve transparency and suspected illegal financial activities. Cantor Fitzgerald has been the custodian of Tether since 2021, and Tether has long been under regulatory scrutiny for the authenticity and compliance of its reserves.

Lutnick expressed support for a full audit of the US dollar stablecoin at the hearing and believed that it should be fully backed by US Treasury bonds. He also refuted the allegations that Tether was associated with North Korean and Russian criminal activities, saying that similar accusations should not be directed only at Tether because criminals also use US dollars and euros.

Earlier, Senator Elizabeth Warren wrote to Lutnick, asking him to disclose financial information related to Tether and questioning whether his relationship with the company may cause a conflict of interest. Republican lawmakers have also asked the Department of Justice to investigate whether Tether is involved in terrorist financing. Despite this, Tether denied the allegations and expressed its active cooperation with law enforcement agencies.