{"entity":{"id":9792,"slug":"cantor-fitzgerald","name":"Cantor Fitzgerald","type":"company","role":"Financial services; U.S. government bond dealer; Tether reserve custodian","description":"Global financial services firm. Historically led by Howard Lutnick, now under his son Brandon Lutnick while Howard serves as Commerce Secretary. Controls one of the largest inventories of U.S. government securities. Serves as custodian of Tether stablecoin reserves.","imageUrl":null,"createdAt":"2026-04-16T05:33:11.558Z","updatedAt":"2026-06-17T13:58:00.111Z"},"electedOffice":null,"significance":{"score":17.4,"components":{"totalFindings":0,"connectionDegree":6.4,"recentFindings90d":0,"activeResearchJobs":0,"goblinAttributions":4,"recentSyntheses90d":0,"moneyFlowChainsTotal":1,"closedLoopMemberships":6,"moneyFlowHopsRecent90d":0},"computedAt":"2026-10-16T01:34:31.424Z"},"facts":[{"id":42381,"text":"In the 2025-2026 FEC reporting cycle (January 2025 through March 2026), Defend American Jobs received $9,000,000 in transfers from affiliated committees and $350,000 in itemized individual contributions, with zero direct contributions from other PACs or party committees.","confidence":"secondary","dateOccurred":"2026-06-15","source":null},{"id":37858,"text":"The Congressional Record explicitly noted during the February 24, 2026 Senate session that 'during his confirmation hearing before the Senate Commerce Committee in 2025 Commerce Secretary Howard Lutnick' addressed stablecoin policy — implying he took a public position on this issue as the Commerce nominee without documented recusal from Tether-affiliated matters.","confidence":"secondary","dateOccurred":"2026-02-24","source":null},{"id":45729,"text":"The Commerce Department conditionally agreed to a $1.577 billion investment in USA Rare Earth (USAR) on January 26, 2026, a deal for which Cantor Fitzgerald served as the lead placement agent.","confidence":"primary","dateOccurred":"2026-01-26","source":null},{"id":45728,"text":"Tether’s loan to the Lutnick family is secured by 'more than half the equity in Cantor Fitzgerald,' establishing Tether as a senior creditor to its own reserve custodian.","confidence":"primary","dateOccurred":"2025-10-07","source":null},{"id":45727,"text":"Howard Lutnick's children's trust, Dynasty Trust A, received a loan of an undisclosed amount from Tether on October 7, 2025, to facilitate the purchase of Lutnick's equity in Cantor Fitzgerald.","confidence":"primary","dateOccurred":"2025-10-07","source":null},{"id":41832,"text":"The loan to Dynasty Trust A is secured by 'more than half the equity in Cantor Fitzgerald,' effectively making Tether a senior creditor to its own custodian's parent company.","confidence":"primary","dateOccurred":"2025-10-07","source":null},{"id":41831,"text":"Howard Lutnick's children's trust, Dynasty Trust A, received an undisclosed loan from Tether on October 7, 2025, one day after his divestiture from Cantor Fitzgerald.","confidence":"primary","dateOccurred":"2025-10-07","source":null},{"id":37856,"text":"Tether announced in September 2025 that Cantor Fitzgerald would serve as the 'designated reserve custodian and preferred primary dealer' for USA₮ — a new stablecoin product explicitly positioned for U.S. regulatory approval, creating documented alignment between Lutnick's department and his former firm's commercial interests.","confidence":"secondary","dateOccurred":"2025-09-12","source":null},{"id":37855,"text":"Tether became the 17th largest U.S. debt holder with approximately $135 billion in Treasury holdings as of 2025, per AMBCrypto — meaning Cantor Fitzgerald, as primary custodian, holds and manages an extraordinary volume of U.S. government securities with implications for Treasury market dynamics that Commerce policy could influence.","confidence":"secondary","dateOccurred":"2025-06-15","source":null},{"id":33798,"text":"Howard Lutnick's ethics agreement filed with the Office of Government Ethics upon his Commerce Secretary confirmation required him to recuse himself from matters directly affecting Cantor Fitzgerald for a period. However, the Tether custodial relationship and Twenty One Capital co-founding — which were active at the time of his confirmation — create ongoing structural conflicts that recusal may not fully address given Commerce Department jurisdiction over cryptocurrency regulation and stablecoin policy.","confidence":"secondary","dateOccurred":"2025-06-15","source":{"title":"Office of Government Ethics — Presidential Appointee Disclosure Index 2025","url":"https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/2025","publication":"U.S. Office of Government Ethics"}},{"id":33792,"text":"Brandon Lutnick, Howard Lutnick's son, was appointed Chairman and CEO of Cantor Fitzgerald upon Howard's entry into government. Brandon Lutnick had previously served in an investment role at the firm. The father-to-son succession was announced without a competitive search or independent board process, reflecting the firm's private, family-controlled governance.","confidence":"secondary","dateOccurred":"2025-06-15","source":{"title":"Howard Lutnick's Son Brandon to Run Cantor Fitzgerald","url":"https://www.wsj.com/articles/howard-lutnick-son-brandon-to-run-cantor-fitzgerald-11673462400","publication":"Wall Street Journal"}},{"id":41833,"text":"Cantor Fitzgerald and Tether co-founded the Bitcoin holding company Twenty One Capital (NASDAQ: XXI) with SoftBank in April 2025.","confidence":"primary","dateOccurred":"2025-04-15","source":null},{"id":33794,"text":"Cantor Fitzgerald is a co-founder and financial backer of Twenty One Capital, a Bitcoin holding company structured similarly to MicroStrategy, announced in April 2025. Twenty One Capital was co-founded with Tether and SoftBank, with Cantor Fitzgerald holding an equity stake. The company launched with approximately 42,000 Bitcoin.","confidence":"secondary","dateOccurred":"2025-04-15","source":{"title":"Cantor Fitzgerald, Tether and SoftBank to Create Bitcoin Company Twenty One Capital","url":"https://www.wsj.com/articles/cantor-fitzgerald-tether-softbank-bitcoin-company-twenty-one-capital-11714000000","publication":"Wall Street Journal"}},{"id":33791,"text":"Howard Lutnick served as Chairman and CEO of Cantor Fitzgerald from 1992 until his confirmation as U.S. Secretary of Commerce on February 5, 2025. He was one of the largest individual donors to Donald Trump's 2024 presidential campaign.","confidence":"primary","dateOccurred":"2025-02-05","source":{"title":"Senate Confirms Howard Lutnick as Secretary of Commerce","url":"https://www.commerce.senate.gov/2025/2/senate-confirms-howard-lutnick-as-secretary-of-commerce","publication":"U.S. Senate Committee on Commerce, Science, and Transportation"}},{"id":37854,"text":"Cantor Fitzgerald led Tether's $600 million investment round in November 2024, per Sacra — a financial relationship that predated Lutnick's Commerce confirmation and positions Cantor as both Tether's primary custodian and an equity investor in the stablecoin issuer.","confidence":"secondary","dateOccurred":"2024-11-15","source":null},{"id":42385,"text":"Over the 2023-2024 cycle, Defend American Jobs made approximately $57 million in total independent expenditures, of which more than $40 million was concentrated on the Ohio Republican Senate primary and general election supporting Bernie Moreno against Democratic incumbent Sherrod Brown.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":42384,"text":"The FEC's electronic database systematically double-counts crypto-to-cash conversion transactions for Fairshake and likely its affiliated PACs, meaning published receipt totals for the Fairshake network overstate actual capital raised by an estimated $40 million for the 2024 cycle, per DL News forensic analysis confirmed by OpenSecrets deputy research director Brendan Glavin.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":42383,"text":"Defend American Jobs disbursed independent expenditures to Main Street Media Group (PO Box 25093, Alexandria, VA 22313) totaling at least $1,507,944 in the 2024 cycle for media buys in Utah Senate races, per FEC filing image 202406169649032623.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":42382,"text":"In September 2024, Fairshake transferred $15 million to Defend American Jobs and $5 million to Protect Progress in the same reporting window while receiving only approximately $1.1 million in new donor receipts in that period, confirming that Fairshake operates as a capital-pooling intermediary that disburses from accumulated reserves rather than same-period receipts, structurally dissolving any direct donor-to-IE tracing.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":40278,"text":"Cantor's role as Tether reserve custodian gives it exposure to the operational fees, repo financing, and securities lending economics associated with managing tens of billions of dollars in T-Bills on behalf of a single counterparty.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":39163,"text":"Cantor Fitzgerald serves as a custodian for U.S. Treasury holdings backing the Tether stablecoin, creating a documented financial linkage between the largest stablecoin issuer and a U.S. primary dealer.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":37857,"text":"Cantor Fitzgerald donated $10 million to a super PAC led by a Tether executive in 2024, per The Block — representing a financial relationship between Tether-linked political operations and Cantor that post-dates Lutnick's recusal from Cantor-specific matters but predates any stablecoin regulatory decisions.","confidence":"secondary","dateOccurred":"2024-06-15","source":null},{"id":33799,"text":"FEC records show Howard Lutnick personally donated $1 million to the Trump 47 Committee (Trump's 2024 general election committee) and additional amounts to Trump-affiliated PACs in the 2024 election cycle, making him one of the largest individual donors to the Trump campaign.","confidence":"primary","dateOccurred":"2024-06-15","source":{"title":"FEC Contribution Records — Howard Lutnick","url":"https://www.fec.gov/data/receipts/?contributor_name=lutnick&two_year_transaction_period=2024","publication":"Federal Election Commission"}},{"id":33797,"text":"Cantor Fitzgerald's broker-dealer subsidiary, Cantor Fitzgerald & Co., is registered with the SEC and FINRA and files annual FOCUS reports. Its investment banking subsidiary has advised on mergers, acquisitions, and capital markets transactions across healthcare, technology, and real estate.","confidence":"primary","dateOccurred":"2024-06-15","source":{"title":"FINRA BrokerCheck — Cantor Fitzgerald & Co.","url":"https://www.finra.org/registration-exams-ce/broker-dealers/compliance/broker-check","publication":"FINRA"}},{"id":33789,"text":"Cantor Fitzgerald is a designated primary dealer with the Federal Reserve Bank of New York — one of approximately 24 institutions authorized to trade directly with the Fed in open market operations and U.S. Treasury auctions. Primary dealer status gives Cantor direct access to Treasury debt issuance and Fed liquidity facilities.","confidence":"primary","dateOccurred":"2024-06-15","source":{"title":"Primary Dealers List — Federal Reserve Bank of New York","url":"https://www.newyorkfed.org/markets/primarydealers","publication":"Federal Reserve Bank of New York"}},{"id":42380,"text":"Defend American Jobs's FEC-registered committee ID is C00836221, not C00835975 as cited in the source database; C00836221 was registered March 29, 2023 with treasurer Lisa Lisker at 228 S Washington St Suite 115, Alexandria, VA 22314.","confidence":"secondary","dateOccurred":"2023-06-15","source":null},{"id":33796,"text":"Cantor Fitzgerald has sponsored multiple SPACs across sectors. Its SPAC sponsorship business generates economics through discounted founder shares that vest upon deal completion, creating a financial incentive to complete transactions regardless of target quality. This model has been scrutinized by the SEC in its 2022 and 2023 SPAC reform rulemaking.","confidence":"secondary","dateOccurred":"2023-06-15","source":{"title":"SEC Final Rule: Special Purpose Acquisition Companies","url":"https://www.sec.gov/rules/final/2024/33-11265.pdf","publication":"U.S. Securities and Exchange Commission"}},{"id":33793,"text":"Cantor Fitzgerald serves as a custodian of U.S. Treasury securities held as reserves backing Tether's USDT stablecoin. Tether holds the majority of its approximately $100 billion+ in reserves in short-term U.S. Treasury bills. Cantor Fitzgerald's custodial relationship with Tether was disclosed by Tether and reported by the Financial Times in 2023.","confidence":"secondary","dateOccurred":"2023-06-15","source":{"title":"Tether invests Treasury reserves via Cantor Fitzgerald","url":"https://www.ft.com/content/529eb4e6-796a-4ce0-98ea-c9f4f7f58acf","publication":"Financial Times"}},{"id":33795,"text":"Cantor Fitzgerald sponsored CF Acquisition Corp. VIII (later CF Acquisition Corp. VI in some filings), the SPAC that merged with Rumble Inc. and took it public on NASDAQ in September 2022. Howard Lutnick chaired the SPAC. Cantor retained warrants and sponsor shares — so-called 'founder shares' at deeply discounted prices — as part of the standard SPAC sponsor economics.","confidence":"primary","dateOccurred":"2022-09-19","source":{"title":"Rumble Inc. / CF Acquisition Corp. VIII S-4 Registration Statement","url":"https://www.sec.gov/Archives/edgar/data/1830214/000119312522236155/d339132ds4.htm","publication":"SEC EDGAR"}},{"id":49081,"text":"Cantor Fitzgerald filed filing with the SEC on 2006-03-10. Accession number: N/A.","confidence":"inferential","dateOccurred":"2006-03-10","source":{"title":"SEC EDGAR: filing — Cantor Fitzgerald (2006-03-10)","url":"https://efts.sec.gov/LATEST/search-index?q=%22Cantor%20Fitzgerald%22&dateRange=custom&forms=4,SC%2013D,SC%2013G,DEF%2014A,10-K,10-Q","publication":"SEC EDGAR"}},{"id":33790,"text":"On September 11, 2001, Cantor Fitzgerald lost 658 of its approximately 960 New York employees — nearly 70% of its Manhattan workforce — when the firm's offices on floors 101-105 of One World Trade Center were destroyed. Howard Lutnick, who was not in the building that morning, took over management of the firm and pledged 25% of profits for 10 years to the families of the deceased.","confidence":"primary","dateOccurred":"2001-09-11","source":null},{"id":33788,"text":"Cantor Fitzgerald was founded in 1945 by B. Gerald Cantor and John Fitzgerald as a government securities dealer. It is headquartered at 110 East 59th Street, New York. It is privately held and does not file public financial statements, though its broker-dealer subsidiaries file with FINRA and the SEC.","confidence":"primary","dateOccurred":"1945-06-15","source":null},{"id":40279,"text":"Evidence gap: The fee schedule and balance-sheet treatment of Cantor's custody arrangement with Tether has not been disclosed in any public filing by either party.","confidence":"inferential","dateOccurred":null,"source":null},{"id":40277,"text":"Cantor Fitzgerald is one of approximately two dozen U.S. Treasury primary dealers, giving it direct access to Treasury auctions across the curve.","confidence":"primary","dateOccurred":null,"source":null},{"id":39402,"text":"Cantor Fitzgerald is structured as a private partnership; per-partner economic interests in the firm's revenue are not publicly disclosed.","confidence":"secondary","dateOccurred":null,"source":null},{"id":39405,"text":"Evidence gap: The dollar amount of fees Cantor earns from the Tether custody relationship has not been disclosed in any public filing by either party.","confidence":"inferential","dateOccurred":null,"source":null},{"id":39403,"text":"Cantor Fitzgerald is one of the U.S. Treasury's primary dealers, giving it direct access to Treasury auctions and to fees on government securities transactions at scale.","confidence":"secondary","dateOccurred":null,"source":null},{"id":39164,"text":"Evidence gap: Howard Lutnick's continuing equity interest in Cantor Fitzgerald after his appointment as Commerce Secretary, and the specific divestiture or blind-trust arrangements applied, have not been comprehensively disclosed.","confidence":"inferential","dateOccurred":null,"source":null},{"id":20204,"text":"Brandon Lutnick now serves as chairman and CEO of Cantor Fitzgerald, taking operational control when his father entered government.","confidence":"secondary","dateOccurred":null,"source":null},{"id":20205,"text":"Cantor Fitzgerald serves as custodian of Tether stablecoin reserves, creating a direct financial relationship with the largest stablecoin issuer.","confidence":"secondary","dateOccurred":null,"source":null},{"id":20206,"text":"The firm's role as Tether reserve custodian creates a potential conflict of interest given Commerce Secretary Lutnick's regulatory authority over stablecoin policy.","confidence":"inferential","dateOccurred":null,"source":null},{"id":20202,"text":"Cantor Fitzgerald is a global financial services firm that controls one of the largest inventories of U.S. government securities.","confidence":"secondary","dateOccurred":null,"source":null},{"id":20207,"text":"Cantor Fitzgerald's government securities business positions it at the intersection of federal financial markets and the Lutnick family's private interests.","confidence":"secondary","dateOccurred":null,"source":null},{"id":20203,"text":"The firm was historically led by Howard Lutnick, who served as chairman and CEO before becoming Commerce Secretary.","confidence":"secondary","dateOccurred":null,"source":null}],"connections":[{"id":17795,"relationshipType":"donor","description":"Schumer told the Associated Press that, anticipating his 1982 reapportionment fight, he 'set about making friends on Wall Street, tapping the city's top law firms and securities houses for campaign donations.' Cantor Fitzgerald is a major Wall Street securities firm based in New York.","confidence":"inferential","firstDocumented":"1982","lastDocumented":null,"other":{"id":7826,"name":"Chuck Schumer","slug":"chuck-schumer","type":"elected_official"}},{"id":12591,"relationshipType":"employment","description":"Howard Lutnick, incoming NEC Director, is CEO of Cantor Fitzgerald. Cantor Fitzgerald is a known entity.","confidence":"inferential","firstDocumented":"1991","lastDocumented":null,"other":{"id":9450,"name":"National Economic Council (NEC)","slug":"national-economic-council-nec","type":"government_agency"}},{"id":16723,"relationshipType":"donor","description":"Howard Lutnick, Cantor Fitzgerald's leader, personally donated $1 million to the Trump 47 Committee and additional amounts to Trump-affiliated PACs in the 2024 cycle.","confidence":"primary","firstDocumented":"2024","lastDocumented":null,"other":{"id":9122,"name":"Donald Trump","slug":"donald-trump","type":"person"}},{"id":16722,"relationshipType":"Donation recipient","description":"Cantor Fitzgerald donated $10 million to Defend American Jobs, a super PAC led by a Tether executive, in 2024.","confidence":"primary","firstDocumented":"2024","lastDocumented":null,"other":{"id":32316,"name":"Defend American Jobs PAC","slug":"defend-american-jobs","type":"organization"}},{"id":16721,"relationshipType":"investor","description":"SoftBank co-founded Twenty One Capital with Cantor Fitzgerald and Tether in April 2025.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":956,"name":"SoftBank Investment Advisers","slug":"softbank-investment-advisers","type":"company"}},{"id":16720,"relationshipType":"investor","description":"SoftBank co-founded Twenty One Capital with Cantor Fitzgerald and Tether in April 2025.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":121,"name":"SoftBank Vision Fund","slug":"softbank-vision-fund","type":"company"}},{"id":16711,"relationshipType":"regional_banking_relationship","description":"Cantor Fitzgerald maintains regional banking relationships in Tennessee through its Cantor Commercial Real Estate subsidiary.","confidence":"primary","firstDocumented":"2024","lastDocumented":null,"other":{"id":9283,"name":"Bill Hagerty","slug":"bill-hagerty","type":"elected_official"}},{"id":11475,"relationshipType":"custodian-client","description":"Cantor Fitzgerald custodies a substantial share of Tether's U.S. Treasury reserves.","confidence":"primary","firstDocumented":"2021","lastDocumented":null,"other":{"id":9879,"name":"Tether","slug":"tether","type":"company"}},{"id":11409,"relationshipType":"primary_dealer","description":"Cantor Fitzgerald is a designated FRBNY primary dealer, authorized to bid at Treasury auctions and trade directly with the Fed. This status gives it privileged access to U.S. government debt markets and Fed liquidity facilities.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":614,"name":"Federal Reserve Bank of New York","slug":"federal-reserve-bank-of-new-york","type":"institution"}},{"id":11408,"relationshipType":"ceo","description":"Howard Lutnick's son became Chairman and CEO of Cantor Fitzgerald when his father entered government. The succession was not subject to an independent process, maintaining family control of the firm.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9790,"name":"Brandon Lutnick","slug":"brandon-lutnick","type":"person"}},{"id":11407,"relationshipType":"former_ceo","description":"Lutnick served as Chairman and CEO from 1992 until his Commerce Secretary confirmation in February 2025. He retains ongoing financial interests in the firm through ownership, creating a structural conflict with his regulatory portfolio.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9791,"name":"Howard Lutnick","slug":"howard-lutnick","type":"person"}},{"id":11406,"relationshipType":"spac_sponsor","description":"Cantor Fitzgerald sponsored CF Acquisition Corp. VIII which executed the SPAC merger that took Rumble public. Cantor Fitzgerald retained warrants and relationships post-merger.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9878,"name":"Rumble","slug":"rumble","type":"company"}},{"id":10313,"relationshipType":"investor","description":"Cantor Fitzgerald serves as custodian of Tether reserves; Twenty One Capital is partnered with Tether through Brandon Lutnick.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9793,"name":"Twenty One Capital","slug":"twenty-one-capital","type":"company"}},{"id":10312,"relationshipType":"employment","description":"Former chairman and CEO of Cantor Fitzgerald. Transferred control to son upon appointment as Commerce Secretary.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9791,"name":"Howard Lutnick","slug":"howard-lutnick","type":"person"}},{"id":10310,"relationshipType":"employment","description":"Chairman and CEO of Cantor Fitzgerald, taking operational control when father became Commerce Secretary.","confidence":"primary","firstDocumented":null,"lastDocumented":null,"other":{"id":9790,"name":"Brandon Lutnick","slug":"brandon-lutnick","type":"person"}},{"id":11410,"relationshipType":"founder","description":"Cantor Fitzgerald co-founded Twenty One Capital alongside Tether and SoftBank in April 2025 as a Bitcoin holding company. Brandon Lutnick chairs Twenty One Capital while his father sits as Commerce Secretary with regulatory authority over cryptocurrency.","confidence":"secondary","firstDocumented":null,"lastDocumented":null,"other":{"id":9793,"name":"Twenty One Capital","slug":"twenty-one-capital","type":"company"}}],"contradictions":[],"permalink":"https://www.goblinhouse.net/entity/cantor-fitzgerald","timelineUrl":"https://www.goblinhouse.net/entity/cantor-fitzgerald/timeline"}