Senator Richard Blumenthal, the top Democrat on the Senate Permanent Subcommittee on Investigations, has sent a letter to Cantor Fitzgerald's CEO, demanding answers about the firm's business relationship with stablecoin issuer Tether. Blumenthal is scrutinizing allegations that Tether's stablecoins have been used in illicit finance and money laundering, including within Iran's shadow banking network and for purposes of Russia sanctions evasion. He noted that the vast majority of Tether's assets are custodied by Cantor Fitzgerald in the U.S. If Democrats secure a Senate majority in the upcoming election, their investigative authority, including subpoena power, would significantly expand.