Were tariff refunds bought for 20 cents on the dollar by stablecoin-backed Treasurys custodian Cantor Fitzgerald?
Investigations are ongoing into whether Cantor Fitzgerald profited from tariff-refund rights while Howard Lutnick held a key government policy role.Summary
Following a Supreme Court ruling declaring certain tariffs unlawful, a massive $166 billion refund process has begun, sparking controversy over whether Cantor Fitzgerald—a custodian for Tether—engaged in an arbitrage scheme. Reports suggest the firm allegedly offered to buy refund rights from importers for 20 to 30 cents on the dollar before the court ruling, an act Cantor Fitzgerald has denied. The situation is complicated by Howard Lutnick’s transition from leadership at the firm to a high-ranking Commerce Department role, leading to intense congressional scrutiny regarding potential conflicts of interest and whether his ethics divestiture structure sufficiently separated his policy influence from the firm's commercial activities.
(Source：CryptoSlate)