A spokesperson for Tether said: "Tether's relationship with Cantor Fitzgerald is entirely a business relationship based on managed reserves. It is nonsense to claim that Howard Lutnick's joining the transition team somehow means he has an impact on regulatory action." Lutnick said on Wednesday that he would resign from Cantor, BGC and Newmark after Senate approval, saying in a statement: "I intend to divest my interests in these companies to comply with U.S. government ethics and do not expect any arrangements involving the sale of shares on the open market." Howard Lutnick, CEO and majority shareholder of Cantor Fitzgerald, who served as co-chairman of President-elect Trump's transition team, was recently nominated as Commerce Secretary. Earlier today, WSJ reported that Tether Chief Financial Officer Giancarlo Devasini privately stated earlier this year that Howard Lutnick would use his political influence to try to resolve the threat to Tether.