Brandon Lutnick, a 27-year-old, was appointed as the chairman of Cantor Fitzgerald in February. This move came shortly after his father was chosen as the Commerce Secretary by U.S. President Donald Trump. On May 14, 2025, at 9:29 p.m., Lutnick personally confirmed Tether’s reserves during the beginning of the firm’s partnership with the stablecoin giant. He shared this information at Consensus 2025 in Toronto.
During the early stages of Cantor Fitzgerald and Tether’s collaboration, there were widespread rumors that Tether did not possess the assets it claimed to have. These speculations suggested that Tether was not fully backed. In 2019, New York Attorney General Letitia James even alleged that Tether had a significant hole of nearly $1 billion in its books. However, the regulator later reached a settlement with Tether and its sister company, Bitfinex, regarding these accusations.
“I personally checked a lot of their reserves, and we proved a lot of those rumors wrong,” Lutnick stated confidently. Tether has continuously maintained that it has been fully backed, especially after settling with New York authorities. Lutnick’s appointment as the chairman of Cantor Fitzgerald occurred in February, following his father’s transition to U.S. Commerce Secretary under President Trump.
Before assuming the role of chairman at Cantor Fitzgerald, Lutnick held another executive position within the firm. He dismissed reports from Bloomberg suggesting that he interned with Tether in Lugano, Switzerland, back in 2023. “Bloomberg actually reported that I was a Tether intern. That is not true,” Lutnick clarified. “But I did learn a lot about crypto from the Tether guys — they orange-pilled me.”
Cheyenne Ligon, a member of the news team at CoinDesk, focuses on crypto regulation and crime. Originally from Houston, Texas, she pursued political science at Tulane University in Louisiana. In December 2021, Ligon completed her studies at CUNY’s Craig Newmark Graduate School of Journalism, concentrating on business and economics reporting. She holds no significant crypto holdings.
Overall, Lutnick’s verification of Tether’s reserves and his role in Cantor Fitzgerald’s leadership shed light on the complexities of the crypto industry. Despite initial doubts and rumors, his hands-on approach in confirming Tether’s assets helped dispel uncertainties. Meanwhile, Ligon’s background in political science and journalism positions her well to cover the evolving landscape of cryptocurrency regulation and criminal activities. As the industry continues to evolve, the insights provided by key figures like Lutnick and journalists like Ligon play a crucial role in shaping the narrative around digital assets.
