Lutnick received a limited waiver while Cantor transfers remained unfinished

Entities and roles

• Howard LutnickTrump-appointed commerce secretary and former Cantor Fitzgerald chief
• Donald J. Trumpappointing president and cabinet principal for Howard Lutnick
• Cantor Fitzgerald, L.P.family business subject to pending transfer
• Tether Holdings Limitedstablecoin issuer using Cantor as primary banker

Relationships in this file

1. Donald J. TrumpTrump-appointed commerce secretary and former chief of Cantor FitzgeraldHoward Lutnick
2. Cantor Fitzgerald, L.P.served as the stablecoin issuer's primary bankerTether Holdings Limited

Claims and evidence

1. factreported

   ProPublica reported that Commerce Secretary Howard Lutnick received a limited ethics waiver dated July 8, 2025, while transfers of Cantor-related interests to his children remained incomplete and Cantor remained Tether's primary banker; the report connected the timing to his official crypto-policy activity but did not establish that a specific decision increased the value of his former holdings.

   • ProPublica: Top DOJ Official Shut Down Enforcement Against Crypto Companies While Holding More Than $150,000 in Crypto InvestmentsPassages beginning ‘Among them is Commerce Secretary Howard Lutnick’; Cantor transfer timing, July 8 waiver, crypto-policy actions, and Commerce response
   • U.S. Securities and Exchange Commission: BGC Group Form 8-K reporting Lutnick share sale and voting-control transfersItem 7.01; May share-sale agreements and voting-control transfer sequence
   • U.S. Securities and Exchange Commission: BGC Group Form 8-K reporting completion of Howard Lutnick's divestitureItem 5.02; completed divestiture and resulting lack of voting or dispositive power
   • Associated Press: Trump's Commerce Secretary nominee, Howard Lutnick, vows to sell his business interests in 90 daysPassages identifying Lutnick as Trump's Commerce nominee, his former Cantor leadership, and his announced divestiture pledge