Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsiTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
On October 8, 2026, Senator Richard Blumenthal, the ranking member of the Senate Permanent Subcommittee on Investigations (PSI), sent a letter to Cantor Fitzgerald Chairman Brandon Lutnick asking the firm to explain its business relationship with Tether, the issuer of the USDT stablecoin. Responses are requested by October 23, 2026. As of this writing, Cantor has not publicly responded, and CoinDesk reported that neither Cantor Fitzgerald nor Tether had immediately commented on its request.
The letter is an information request. It is not a court ruling or a committee finding that the firm or Tether broke any law. The allegations behind it come from a separate September 28, 2026 report by PSI minority staff, and that report’s findings should be read as the staff’s analysis rather than established fact.
What the letter asks Cantor Fitzgerald to disclose
The letter asks Cantor to preserve documents and communications and to answer questions in several areas:
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →- The partnership itself: when and how the Tether relationship began, and under what conditions Cantor would end it.
- Money: annual revenue from the relationship and the earnings of the Lutnick family from it.
- Custody and services: what custody, investment, and oversight roles Cantor performs for Tether. CoinDesk reports that Cantor holds and manages Tether’s U.S. reserves.
- Ownership: Cantor’s ownership stake in Tether, Howard Lutnick’s transfer of his Cantor ownership, and any Tether financing tied to that transfer.
- Audits and controls: whether Tether receives independent audits, how Cantor monitors sanctions and anti-money-laundering compliance, and what know-your-customer and due-diligence policies apply.
- Illicit-finance inquiries: records of any investigation into allegations that Tether’s stablecoin has been used for illicit finance. The letter names Iran’s shadow banking network and Russia sanctions evasion, and asks what steps Cantor has taken on those allegations.
- Communications: records involving Howard Lutnick and digital-asset advisers, and his involvement with Tether after he left the chairman role at Cantor.
The letter frames the request around the minority’s stated investigation into illicit cryptocurrency use and alleged self-enrichment or self-dealing involving the Trump administration and crypto firms. That is the letter’s premise, not a finding. The letter also cites outside reporting for several financial estimates and valuations. Those figures are not audited numbers established by the letter itself.
#1 Best Overall
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
The letter contains one passage that signals why the committee is asking about the partnership at all: “As Congress considers how to best regulate digital assets, your partnership with Tether will provide important insights into the inner workings of this industry.”
Who is involved
The letter is addressed to Brandon Lutnick, identified by CoinDesk as Cantor Fitzgerald’s chief executive and the son of Howard Lutnick. CoinDesk reports that Howard Lutnick handed over company leadership when he became U.S. Commerce Secretary. The letter asks what role he has played with Tether since then.
Rank #2
- READY IN 3 MINUTES – Set up your ELLIPAL X Card crypto wallet on the offline Starter device, then tap to the ELLIPAL mobile App and start using it. This 100% offline crypto wallet is a no battery crypto wallet with no charging, no firmware updates, and no complicated setup.
- TURN ANY WALLET INTO A CARD – Already have a wallet? Import your recovery phrase from MetaMask, Trust Wallet, Ledger, Trezor, or any compatible seed phrase wallet. X Card works as a backup wallet and physical twin of your existing bitcoin wallet, ethereum wallet, NFT wallet, or altcoin wallet — no transfers, no new accounts, no starting over.
- BUILT ON AN EAL6+ SECURE CHIP – Designed as a secure crypto wallet and private key wallet, X Card generates and stores your private keys inside the EAL6+ secure chip. Your keys never reach your phone, the App, USB, Bluetooth, or the internet, making it a true no bluetooth hardware wallet and no USB crypto wallet.
- ONE APP, EVERYTHING CRYPTO – Manage more with one cold storage wallet. Buy, sell, swap, send, spend, and earn across 45+ blockchains and 10,000+ tokens. Use X Card as your cryptocurrency wallet, coins and tokens wallet, DeFi wallet, and staking wallet for everyday crypto management.
- TAP TO CRYPTO – Carry your crypto cold wallet on a card and secure every transaction with one NFC tap. ELLIPAL X Card combines the simplicity of a crypto wallet with the protection of a cold storage hardware wallet.
Blumenthal’s role matters for reading the letter. As ranking member, he leads the minority side of the subcommittee, so the letter carries the authority of a senior committee member. It does not carry the authority of a majority-approved subpoena or a formal committee vote.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
What the September 28 minority-staff report claims
Most of the numbers in the coverage come from a September 28, 2026 PSI minority-staff report. Its analysts examined transaction data from 846 unique blockchain wallets that had been sanctioned or targeted for seizure because of links to Iran and regional proxy groups. The report says it supplemented U.S. Treasury OFAC and Israeli National Bureau for Counter Terror Financing (NBCTF) wallet designations with other public attribution and analytical methods.
Rank #3
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
84% of the wallets transacted almost only in USDT
The report states that 84% of the 846 wallets transacted exclusively or nearly exclusively in USDT. In its words: “84% have transacted exclusively, or nearly exclusively, in USDT.” That percentage describes this defined wallet set. It does not describe USDT’s overall user base or its total transaction volume.
More than $603 million moved through a network over four years
The report says more than $603 million in USDT moved from 2021 to 2025 through a network it ties to two sanctioned Iranian oil smugglers, Hizballah, the Houthis, and Iranian financial institutions. The report presents this as an example of flows through that network, not as a total for all of USDT.
Rank #4
- [100% off-line] SafePal S1 adopts an air-gapped signing mechanism, without any connection of Bluetooth, WiFi, NFC, or other radiofrequency.
- [Open source] SafePal software and hardware wallets are both open source and can fully withstand the test of the market, providing users with a new experience of security and trust.
- [EAL 6+ Secure element] SafePal S1 is embedded with EAL 6+ secure element and true random number generator, keeping your private key safe.
- [Powerful features] SafePal S1 enables you to secure, send, buy, sell, swap, exchange and grow your crypto aseets in the easiest way.
- [Unlimited currencies] SafePal supports 200+ blockchains, you can now manage unlimited cryptocurrencies all in one SafePal S1.
$34.6 million kept moving after designation
In one case, the report says $34.6 million continued to move through sanctioned wallets after they were designated.
Free tools Windows power users keep installed
One-click scans. No signup required.
Limits on what the wallet analysis shows
Blockchain wallets are pseudonymous. A wallet address by itself does not reveal who controls it or where that person is located. The report’s attributions rely on designations and its own analytical methods, and they should be presented as the staff’s conclusions. Readers should not take the 846-wallet sample as a measure of all USDT activity, and nothing in the coverage shows that Cantor or Tether has accepted these attributions.
Best Value
- EAL5+ CERTIFIED SECURE ELEMENT + FINGERPRINT PROTECTION — Your private keys stay encrypted offline on a certified EAL5+ chip, the same security tier used in EMV bank cards. Built by DCENT, securing crypto since 2018. Fingerprint authentication adds a second layer no PIN-only wallet can match.
- 10,000+ ASSETS NATIVE ON 100+ BLOCKCHAINS — Hold Bitcoin, Ethereum, XRP, Solana, Cardano, popular stablecoins (USDT, USDC), and NFTs in one wallet. No third-party apps, no fragmented setup — every supported asset works straight out of the box.
- TAP-TO-SIGN MOBILE EXPERIENCE — Pair your wallet with the DCENT mobile app over Bluetooth. Manage tokens, review transactions, and access in-app swap features directly from your phone — no cables, no desktop required.
- WEB3 & dAPP ACCESS VIA METAMASK — Connect to MetaMask and other browser extension wallets to manage NFTs, claim airdrops, and access dApps. A large screen and intuitive 4-button interface keep every transaction clearly visible before you sign.
- SEAMLESS FIRMWARE UPDATES & 30-DAY MONEY-BACK GUARANTEE — Apply security updates without resetting your wallet or migrating funds. Backed by Amazon's 30-day money-back guarantee — your purchase is risk-free.
Separating the letter, the report, and what is established
The stories about this inquiry mix three different kinds of material. The table below separates them.
Quick Recap
| Item | Status | Source |
|---|---|---|
| Blumenthal’s October 8, 2026 request and October 23 deadline | Documented request; no response reported | Letter from Senator Richard Blumenthal to Brandon Lutnick; CoinDesk coverage |
| Cantor holds and manages Tether’s U.S. reserves | Reported by CoinDesk; the letter asks for more detail on the arrangement | CoinDesk; Blumenthal letter |
| 84% of 846 sanctioned or targeted wallets transacted almost only in USDT | Report finding for a defined wallet set | PSI minority-staff report, September 28, 2026 |
| More than $603 million in USDT moved through a network, 2021 to 2025 | Report finding, presented as an example of network flows | PSI minority-staff report, September 28, 2026 |
| $34.6 million moved through sanctioned wallets after designation in one case | Report finding for one case | PSI minority-staff report, September 28, 2026 |
| Illicit use, self-enrichment, or self-dealing | Stated premise of the inquiry; allegations, not findings | Blumenthal letter |
| Cantor’s response to the October 8 request | Not stated; no response reported as of this writing | Not stated |
What to watch before October 23
- Whether Cantor Fitzgerald or Tether responds publicly, and whether the response addresses the revenue, ownership, and audit questions.
- Whether the minority’s requests lead to further letters, a formal committee action, or a majority-side inquiry. Nothing in the reporting so far shows any of these steps.
- Any independent audit, company disclosure, or primary record that confirms or contradicts the report’s wallet attributions or the relationship details.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
