Cantor Fitzgerald
Cantor Fitzgerald functions as a multi-purpose financial intermediary whose SPAC sponsorship, underwriting, reserve custody, and lobbying operations create overlapping interests with federal policy set by its former CEO. Its role in the CRML and USA Rare Earth transactions illustrates how a single firm can originate a SPAC, collect deferred compensation in equity, benefit from government-backed financing of the underlying asset, and exit the position — all while its founder holds the cabinet seat overseeing trade and critical minerals policy.
Cantor Fitzgerald is a New York-headquartered financial services firm that was led until February 2025 by Howard Lutnick, who departed to serve as U.S. Commerce Secretary. His sons Brandon Lutnick (Chairman) and Kyle Lutnick (Executive Vice Chairman) assumed control of the firm through trust transfers completed by October 2025. Cross-reference of New York DOS, SEC EDGAR, and GLEIF records indicates the firm operates across broker-dealer, asset management, SPAC sponsorship, and lobbying functions, with at least 26 New York-registered entities and ten Dublin-domiciled fund entities 1.
According to public reporting, Cantor Fitzgerald serves as the custodian for the majority of Tether's reserves in U.S. Treasuries and holds a 5% equity stake in Tether 2. Brandon Lutnick used Cantor Equity Partners to launch Twenty One Capital, a Bitcoin acquisition vehicle backed by Tether and SoftBank Group 2. Separately, the firm served as lead underwriter on the SPAC vehicle that became Critical Metals Corp (CRML), a Greenland rare earth mining company, and as lead placement agent on USA Rare Earth's $1.5 billion PIPE.
Cantor's lobbying relationships with Commerce, Treasury, and the White House predate Lutnick's government appointment, with LDA filings showing $300,000 in payments to ML Strategies for international economic issues lobbying in 2020 3. The firm registered a new lobbying relationship through Checkmate Government Relations in January 2026 covering financial services and energy issues 4. FBI interview records from the Epstein investigation describe Cantor-affiliated charity events and UK fund transfers handled by Parabridge International Services, with activity attended by Ghislaine Maxwell and Sarah Ferguson 5. Cross-reference of these records and related charity filings traces a potential fund-flow chain through Parabridge to Maxwell-linked events, though the full path remains unverified 6.
Critical Minerals and SPAC Infrastructure
According to LittleSis records, Cantor Fitzgerald LP is listed as an owner of Critical Metals Corp (CRML), a Greenland rare earth mining vehicle that reached Nasdaq via SPAC merger. Records indicate Cantor received roughly 1.25 million CRML shares as deferred SPAC underwriting compensation and, by Q3 2025, had divested most of the position, holding approximately 190,000 shares.
Cantor also served as lead placement agent for USA Rare Earth's $1.5 billion PIPE, a transaction that proceeded alongside federal critical minerals support for the same company. Cross-reference of Cantor's parallel positions in CRML and USA Rare Earth indicates that the Commerce Secretary's former firm held direct financial stakes in two publicly traded critical-minerals issuers during the period when his department was setting trade, tariff, and CHIPS Act policy affecting the sector.
Tether Reserve Custody and Crypto Ventures
According to public reporting, Cantor Fitzgerald manages the majority of Tether's reserves — over $80 billion in U.S. Treasuries — and holds a 5% equity stake in the stablecoin issuer, a position valued at approximately $600 million when negotiated in November 2024 2. The firm also serves as reserve custodian for Tether's GENIUS Act-compliant USAT stablecoin 2. Brandon Lutnick used Cantor Equity Partners, a Cantor-sponsored SPAC, to launch Twenty One Capital, a Bitcoin acquisition vehicle formed with Tether and SoftBank Group, with SoftBank contributing $900 million in Bitcoin initially and subsequently purchasing an additional $780 million in shares 2.
Both Cantor and Tether maintain separate lobbying operations on overlapping financial services issues, with Cantor engaging Checkmate Government Relations in January 2026 at $80,000 per quarter while Tether's own lobbying through FTI Government Affairs, Continental Strategy, and DMM Consulting has exceeded $1.5 million since 2022 47. This dual lobbying structure operates while Howard Lutnick serves as Commerce Secretary.
Lobbying History and Regulatory Exposure
LDA filings show Cantor Fitzgerald hired ML Strategies LLC (Mintz) in Q1 2020 to lobby Commerce, the White House, the Office of the Vice President, State, and Treasury on international economic and judicial issues, with confirmed payments of $300,000 across Q2-Q4 2020 3. The registered lobbyist was Frank Guinta, a former member of Congress from New Hampshire's 1st District 3. This lobbying relationship with the Commerce Department predates Howard Lutnick's appointment as Commerce Secretary by five years 3. Historical LDA records show additional lobbying campaigns by Cantor and Cantor Futures Exchange during the Dodd-Frank era (2009-2011) on OTC derivatives regulation, and post-9/11 lobbying through Ernst & Young and Morgan Lewis on tax issues (2001-2002) and through Dickstein Shapiro on homeland security matters (2004-2005) 87.
In January 2026 — eleven months into Lutnick's cabinet tenure — Cantor registered a new lobbying relationship with Checkmate Government Relations covering financial institutions, investments, securities, and fuel/gas/oil issues at $80,000 per quarter 4. Press reports and congressional correspondence describe Cantor marketing tariff-refund rights to counterparties at 20-30 cents on the dollar, with an internal salesman's email claiming the firm had "already put a trade through representing about ~$10 million" 9. A Cantor spokesperson stated that reports of the firm crafting financial products betting on tariff outcomes were "absolutely false," but Bloomberg reported internal discussions about facilitating tariff trades for hedge funds before the effort was shut down, and a spokesman acknowledged that a salesman "erroneously" believed the firm would approve the business 10.
Senators Wyden and Warren sent a letter to Brandon Lutnick on August 13, 2025, demanding information about how many tariff-refund agreements Cantor had drafted, whether the product was internally originated, and whether anyone at the firm communicated with administration officials about tariffs 11. The letter characterized the situation as raising "obvious conflict-of-interest and insider dealing concerns" 11. No public evidence of a formal SEC or DOJ investigation has emerged 11.
Charity Day and UK Fund Transfers
An FBI FD-302 interview summary states that Cantor Fitzgerald's annual charity days in New York and London raised approximately $9 million to $10 million each year, and that a whistleblower viewed the near-identical annual totals as suspicious 12. The same interview states that Parabridge International Services, a Cantor affiliate, handled all UK charity-day funds and associated wire transfers, in addition to payroll 12. The interview subject noted that if Cantor were "stealing entire global revenues for the charity day, brokers couldn't earn their commission," and that the trading day would shift if the publicized day was not performing well 5.
The same FD-302 places Sarah Ferguson (Duchess of York) in office space above Cantor Fitzgerald for her Children in Crisis charity (UK charity 1020488, founded 1993), and states that Ghislaine Maxwell and Ferguson attended La Dolce Vita fundraising events benefiting Children in Crisis and Stowe School 12. Cross-reference of these records traces a fund-flow chain from Cantor charity-day proceeds through Parabridge wire transfers to UK charities and fundraising events co-attended by Maxwell, though the full path and any diversion of funds remain unverified 6.
Corporate Structure
Cross-reference of New York DOS, SEC EDGAR, and GLEIF records indicates at least 26 Cantor Fitzgerald entities registered in New York, spanning partnerships, broker-dealers, charities, and investment vehicles 1. Review of the records identifies active entities including Cantor Fitzgerald LP (Delaware limited partnership, DOS ID 1681035, filed 1992), Cantor Fitzgerald II LLC (Delaware LLC, DOS ID 1952565, filed 1995), The Cantor Fitzgerald Foundation (nonprofit, DOS ID 781261, filed 1982), and The Cantor Fitzgerald Relief Fund (Delaware nonprofit, DOS ID 2694253, filed October 30, 2001 — one month after September 11) 1. Examination of EDGAR records shows ten registered Cantor entities including CIK 1024896 (Cantor Fitzgerald LP) and CIK 1127534 (Cantor Fitzgerald & Co, broker-dealer SIC:6211) 1.
Review of the records further identifies ten Cantor Fitzgerald fund entities domiciled in Dublin, Ireland through Cantor Fitzgerald Asset Management Europe Limited at 23 Saint Stephen's Green, Dublin, per GLEIF 1. According to SEC filings 13, Cantor Fitzgerald LP is the controlling entity of BGC Group Inc (Nasdaq: BGC, CIK 1094831), with CF Group Management Inc serving as managing general partner, and the CFGM voting shares were transferred from Howard Lutnick to trusts controlled by Brandon Lutnick for $200,000 in connection with Lutnick's confirmation as Commerce Secretary.
All Connections
15 total
All Connections
15 totalCantor Fitzgerald had established lobbying relationship with Commerce Dept since Q1 2020 via ML Strategies/Mintz ($300K, 2020 Q2-Q4) on International Economic and Judicial Issues. In Feb 2025, Cantor's CEO Howard Lutnick became Commerce Secretary, completing a transition from lobbyist-client to agency head.
Cantor Fitzgerald custodies majority of Tether USDT reserves. Both entities had parallel lobbying campaigns (Cantor: Commerce/Treasury/WH via ML Strategies 2020; Tether: Congress via FTI/Continental/DMM 2022-2023). Cantor continued lobbying post-Lutnick appointment via Checkmate 2025 Q4. Combined lobbying spend exceeds $1.7M on overlapping financial services issues.
Lutnick was CEO/Chairman of Cantor Fitzgerald and BGC Group until Feb 2025 Senate confirmation. Held 23.5% of BGC Group (110.8M shares). Divested to son Brandon by Oct 2025. 13.8M+ in political donations from CF employment. CF Relief Fund at same address.
Cantor Fitzgerald manages majority of Tether USDT reserves (80B+ in Treasury securities) and holds convertible debt stake in Tether. Both entities lobby separately on stablecoin legislation. CF via Checkmate Govt Relations (Jan 2026, 80K/qtr). Tether via FTI Govt Affairs, Continental Strategy, DMM Consulting (since 2022, 1.5M+ total).
Cantor Fitzgerald LP is the controlling entity of BGC Group Inc. CF Group Management Inc (CFGM) is the managing general partner of Cantor Fitzgerald LP. CFGM voting shares transferred from Howard to Brandon Lutnick trusts for 200K. BGC Group trades on Nasdaq (ticker BGC), CIK 1094831, HQ 499 Park Ave NY.
PIS was an affiliate of Cantor Fitzgerald. Handled payroll and UK charity day fund transfers.
Cantor Fitzgerald custodies approximately 99% of Tether B+ reserves (primarily US Treasuries). Cantor purchased convertible 5% equity stake in Tether for M+. Tether contributed 24,500 BTC to Twenty One Capital which was created via Cantor-sponsored SPAC. Tether purchased ALL PIPE Bitcoin (.7M) on behalf of XXI and SoftBank.
Chairman of Cantor Fitzgerald LP and CEO/Chairman of Cantor Equity Partners Inc (SPAC). Previously was under Howard Lutnick. Now runs the serial SPAC factory (CEP I through VI) while Cantor custodies Tether reserves and holds 5% equity stake in Tether.
Cantor Fitzgerald serves as USAT reserve custodian and preferred primary dealer
SoftBank and Cantor Fitzgerald co-founded Twenty One Capital (Bitcoin treasury company) via SPAC merger. SoftBank contributed $900M BTC initially, then bought additional $780M shares. Brandon Lutnick (son of Commerce Sec Howard Lutnick) chairs Cantor. Tether is third partner. Sullivan & Cromwell advised SoftBank.
Cantor holds 5% ownership stake in Tether (~$600M), manages majority of Tether's $133B reserves (US Treasuries), and earns tens of millions in annual fees. Also manages reserves for Tether's GENIUS Act-compliant USAT stablecoin. Brandon Lutnick (Howard's son) launched Twenty One Capital with Tether/SoftBank.
1.5B PIPE led by Cantor Fitzgerald
Cantor Fitzgerald LP is owner of CRML (LittleSis). Held 1.25M shares (deferred SPAC underwriting), divested to 190K by Q3 2025.
Lutnick was CEO/Chairman of Cantor Fitzgerald until becoming US Commerce Secretary. Divested ownership to sons Brandon (Chairman) and Kyle (Exec Vice Chairman) via trusts May 2025.
Cantor was sole book-running manager for Sizzle SPAC IPO ($155M), converted $5.7M deferred underwriting fee to 1,247,250 CRML shares, sold 87% within months of lock-up expiry
All Findings
12 total
All Findings
12 totalfinancial (9)
Cantor Fitzgerald LP registered NEW lobbying relationship with Checkmate Government Relations in January 2026 — 11 months into Lutnick's tenure as Commerce Secretary. Issues covered: Financial Institutions/Investments/Securities and Fuel/Gas/Oil. Spending: 80K per quarter. This is concurrent with Tether's own separate lobbying operation on stablecoin legislation, creating dual lobbying pressure from both the custodian (Cantor) and the issuer (Tether) on the same regulatory question.
NY DOS shows 26 Cantor Fitzgerald entities registered in New York. Key active entities: Cantor Fitzgerald LP (DE limited partnership, DOS ID 1681035, filed 1992); Cantor Fitzgerald II LLC (DE LLC, DOS ID 1952565, filed 1995); The Cantor Fitzgerald Foundation (NPO, DOS ID 781261, filed 1982); The Cantor Fitzgerald Relief Fund (DE NPO, DOS ID 2694253, filed 2001-10-30 — one month after 9/11); Children of Cantor Fitzgerald High Yield Group Foundation (NY NPO, DOS ID 2887924, filed 2003). Historic entities span back to 1947. EDGAR shows 10 registered Cantor entities including CIK 1024896 (Cantor Fitzgerald LP, DE), CIK 1127534 (Cantor Fitzgerald & Co, NY broker-dealer SIC:6211), CIK 1666244 (CF Income Trust, MD SIC:6798). GLEIF shows 10 Cantor Fitzgerald fund entities all domiciled in Dublin, Ireland via Cantor Fitzgerald Asset Management Europe Limited, Cantor Fitzgerald House, 23 Saint Stephen's Green, Dublin D02 AR55.
Cantor Fitzgerald tariff-refund trading scheme: In 2025, Cantor traders purchased rights to hundreds of millions of dollars of tariff refunds at 20-30 cents on the dollar — betting tariffs would be struck down in court. When SCOTUS ruled 6-3 in Feb 2026 that Trump's tariffs were unlawful, potential windfall was enormous. Cantor denied executing transactions but Wyden/Warren probed conflict in Aug 2025 letter. Brandon Lutnick (chairman) and Kyle Lutnick (exec vice chairman) run the firm while father serves as Commerce Secretary responsible for trade policy. Cantor also positioned as lead underwriter for deals aligned with Trump admin agenda (crypto, AI, energy, defense).
FBI FD-302 alleges Cantor Fitzgerald charity day revenue manipulation: Annual global charity day in NY and London raised $9-10M each year. Whistleblower found it suspicious the amount was nearly identical every year. If CF was 'stealing entire global revenues for the charity day, brokers couldn't earn their commission.' Trading day would shift if publicized day was not successful. Parabridge International Services handled all UK charity day funds and wire transfers. Sarah Ferguson (Duchess of York) given office space above CF for Children In Crisis charity. Ghislaine Maxwell and Ferguson attended Dolce Vita Parties raising money for CIC and Stow School.
Cantor Fitzgerald pitched tariff-refund rights trading product: offered companies 20-30% of paid tariff duties in exchange for legal claim to future refund if IEEPA tariffs were struck down. Internal Cantor salesman email claimed firm had 'already put a trade through representing about ~$10 million' and anticipated that number 'would balloon in coming weeks.' Firm claimed capacity to trade 'up to several hundred million' in tariff-refund rights.
Cantor Fitzgerald issued contradictory statements: spokesperson said reports of crafting financial products betting on tariff outcomes was 'absolutely false' and firm 'has never executed any transactions or taken risk on the legality of tariffs.' But Bloomberg reported firm had internal discussions about facilitating tariff trades for hedge funds before shutting them down. Cantor spokesman acknowledged salesman 'erroneously' believed firm would greenlight the business and went looking for counterparties. Internal salesman email showed $10M trade claim.
Cantor Fitzgerald Q4 2025 lobbying: hired Checkmate Government Relations for Financial Institutions/Investments/Securities and Fuel/Gas/Oil issues. Prior lobbying history shows Ernst & Young and Morgan Lewis for tax issues (2001-2002 post-9/11), Dickstein Shapiro for Homeland Security (2004-2005), and ML Strategies/Mintz for 'International Economic and Judicial Issues' (2020-2021). The 2025 lobbying coincides with the tariff-refund controversy and broader Lutnick family financial conflicts.
Cantor/BGC Charity Day and Dolce Vita Fund Flow: Per FBI FD-302 (EFTA01249207), Cantor raises $9-10M annually on charity days, with Parabridge International Services handling UK wire transfers. The La Dolce Vita fundraising parties were held at Stowe School in aid of the Cantor Fitzgerald Fund, with Ghislaine Maxwell co-managing funds. Children in Crisis (CIC, UK charity 1020488, founded 1993 by Sarah Ferguson) was given office space above Cantor Fitzgerald. CIC merged with Street Child in 2018 but still operates (FY2025: income GBP536K). The fund flow chain: Cantor charity day -> PIS wire transfers -> UK charities (CIC, Stowe School) -> Dolce Vita parties co-managed by Maxwell.
Cantor Fitzgerald holds a 5% ownership stake in Tether (valued at ~M when negotiated in Nov 2024), manages the majority of Tether's B in reserves (US Treasuries), and also manages reserves for Tether's new GENIUS Act-compliant USAT stablecoin. Brandon Lutnick (Howard's son) chairs Cantor Fitzgerald and launched Twenty One Capital — a Bitcoin acquisition vehicle backed by Tether, SoftBank, and Bitfinex — via Cantor Equity Partners SPAC. The Lutnick family thus has direct financial interests in both the largest existing stablecoin (Tether/USDT) and the regulatory framework governing stablecoins.
legal (3)
CANTOR FITZGERALD LOBBIED COMMERCE DEPT AND WHITE HOUSE IN 2020: LDA filings show Cantor Fitzgerald hired ML Strategies LLC (Mintz) in Q1 2020 for 'International Economic and Judicial Issues' lobbying. Client listed as 'MINTZ (ON BEHALF OF CANTOR FITZGERALD)'. Lobbyist: Frank Guinta (former Member of Congress, NH 1st District). Q2-Q4 2020 filings show $150K/quarter payments ($300K total confirmed). Government entities targeted: Commerce Dept (DOC), White House Office, Office of the Vice President, State Dept (DOS), Treasury Dept. This pre-dates Lutnick's Commerce Secretary appointment but shows Cantor already had established lobbying relationships with the very department Lutnick would later lead.
Wyden-Warren letter to Brandon Lutnick (Aug 13, 2025) demanded: (1) how many tariff refund agreements drafted, finalized, and with how many counterparties; (2) whether product was client-requested or internally originated; (3) whether anyone at Cantor communicated with Trump, Secretary Lutnick, or other administration officials about tariffs. Letter characterized firm's actions as raising 'obvious conflict-of-interest and insider dealing concerns.' No public evidence of formal SEC or DOJ investigation.
Cantor Fitzgerald LP and Cantor Futures Exchange historical lobbying on Dodd-Frank OTC derivatives regulation
LDA filings show Cantor Fitzgerald LP and Cantor Futures Exchange lobbied extensively during Dodd-Frank era (2009-2011) on: 'H.R. 4173, Dodd-Frank Wall Street Reform and Consumer Protection Act -- issues related to OTC derivatives and futures contacts', 'Financial Reform legislation S. 3217'. Multiple law firms registered as lobbyists. No recent crypto-specific lobbying filings found under Cantor name — lobbying activity on crypto apparently flows through Tether directly.
- 1.Finding #3890
- 2.Finding #4192Sources: https://fortune.com/crypto/2024/11/24/howard-lutnick-cantor-fitzgerald-tether-stablecoin-2-billion-bitcoin-lending/Open artifactSource record, https://www.coindesk.com/markets/2025/04/23/commerce-secretary-lutnick-s-son-teams-up-with-tether-softbank-for-usd3b-bitcoin-spac-ftOpen artifactSource record, https://www.theblock.co/post/327961/lutnick-cantor-fitzgerald-negotiated-a-5-ownership-stake-in-tether-wsjOpen artifactSource record
- 3.Finding #3866
- 4.Finding #3883
- 5.Finding #3918
- 6.Finding #3993
- 7.Finding #3971Sources: LDA Senate filingsSource record
- 8.Finding #4300
- 9.Finding #3958
- 10.Finding #3961
- 11.Finding #3960
- 12.EFTA01249207
- 13.SEC:8-K-BGC-2025-10-06