The son of the U.S. Secretary of Commerce claims he personally verified Tether's reserves

ChainCatcher news, according to CoinDesk, Cantor Fitzgerald Chairman Brandon Lutnick stated at the Toronto Consensus 2025 conference that he personally verified Tether's reserves during the early stages of the company's collaboration with Tether.

In response to previous market doubts about Tether's insufficient reserves, Lutnick said, "I personally checked their substantial reserves and confirmed that these rumors are false." Notably, New York Attorney General Letitia James had accused Tether of having a nearly $1 billion shortfall in its accounts in 2019, but the case ultimately reached a settlement with Tether and its affiliate Bitfinex.

In February of this year, 27-year-old Brandon Lutnick was appointed Chairman of Cantor Fitzgerald, following his father Howard Lutnick's appointment as Secretary of Commerce by President Trump.