Brandon Lutnick, the chairman of Cantor Fitzgerald, recently stated that he took an active role in verifying Tether’s reserves when the partnership between the two organizations began. He spoke about this at the Consensus 2025 event held in Toronto.

At just 27 years old, Lutnick addressed concerns about Tether’s backing during initial discussions, mentioning that many speculated the company lacked adequate assets. This speculation was heightened after allegations surfaced in 2019 from New York Attorney General Letitia James, which stated that Tether reported significant discrepancies in their financial records. However, Tether subsequently settled these allegations.

“I personally checked a lot of their reserves, and we proved a lot of those rumors wrong,” Lutnick asserted, reinforcing Tether’s claim of being fully back since their settlement.

Lutnick accepted the chairman role in February, shortly after his father, Howard Lutnick, was appointed as U.S. Commerce Secretary by President Donald Trump. Before taking this leadership position, he held another executive role at Cantor Fitzgerald and denied any claims regarding an internship with Tether in Switzerland in 2023, while acknowledging he learned substantially from Tether’s team, who ‘orange-pilled’ him.

Brandon Lutnick

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