A Tether spokesperson said: "Tether's relationship with Cantor Fitzgerald is a purely business relationship and is based on managing reserves. Claims that Howard Lutnick's addition to the transition team in some way implies influence over regulatory action are nonsense." Mr. Lutnick said on Wednesday he would step down from Cantor, BGC and Newmark subject to Senate approval, saying in a statement: "I intend to divest my interests in these companies in order to comply with US government ethics and do not expect any arrangement involving the sale of shares on the open market." Howard Lutnick, CEO and major shareholder of Cantor Fitzgerald, who served as co-chair of President-elect Trump's transition team, was recently nominated as Secretary of Commerce. According to WSJ, Tether Chief Financial Officer Giancarlo Devasini said privately earlier this year that Howard Lutnick would use his political influence to try to defuse the threat facing Tether.