Trump Official's Ties to Iran Money Trail Revealed

0:00Michael Popok:We got a bombshell Democratic Senate investigative report that ties together a cryptocurrency company named Tether with close personal ties to Commerce Secretary Howard Lutnick, to the Iranian regime, its attempts to evade U.S. and global sanctions, to fund its regime, to fund terrorism, to fund Hamas, with profits going to Howard Lutnick's family office company, Cantor Fitzgerald. I'm Michael Popak. Let's tie it all together here on the Midas Touch Network and on Legal AF. Take a minute. Hit the free subscribe button for Legal AF's YouTube channel. Thank you for getting us to 2.5 million subscribers in two years.

0:42Michael Popok:OK, Tether is a major player in the cryptocurrency industry. It has the number one stable coin, which is tied to a fixed asset like U.S. dollar or in this case, treasury notes, treasury bills in the world. Tether's stable coin is known as USDT. And I think you know what the DT stands for. U.S. DT, U.S. Donald Trump stablecoin, ironically, is being used by Iran to evade U.S. sanctions, to evade an attempt by the Treasury Secretary to crush Iran. What Iran does is it takes wallet positions in Tether, electronic cryptocurrency wallets, and uses Tether, much like a narco-terrorist or any common variety money launderer, to evade sanctions.

1:41Michael Popok:So they're not using the banking system, which is what the Treasury Secretary Scott Besant wants you to focus on. Oh, we're crushing them in the banking system. But you're not crushing them in the cryptocurrency arena. And maybe it has something to do with the fact that Tether has close ties to Howard Lutnick, whose company and family benefits from all the sales and all the transactions involving Tether. And Tether helped write all of the cryptocurrency laws, like the Genius Act, that Donald Trump pushed in order to usher in the golden era of cryptocurrency. because Tether is so incestuous with the Trump administration.

2:23Michael Popok:Of course, Tether's not doing anything, according to the new Blumenthal report, to shut down the use of Tether and its USDT stable coin by Iran. Because who and who ultimately benefits? Follow the money. Cantor Fitzgerald, Howard Lutnick's company now in trust and owned by and run by his kids, is the primary custodian for the underlying asset that makes that stable coin stable, treasury bills. They control over 95 % of the U.S. treasury bills as custodian for Tether, and they get paid fees for being Tether's custodian. Tens of millions of dollars a year just to sit on those treasury bills. But that's not the only connection between Tether being used by Iran for its financing and for its funding of its regime and of terrorism, and Cantor Fitzgerald and Howard Lutnick.

3:25Michael Popok:Cantor Fitzgerald, Howard Lutnick's company that he gave to his kids in a trust, allegedly, has a convertible bond position, a debt position, meaning they lent money to Tether or got something in return for doing something and got a$600 million position that they, at their own election can convert into a 5 % ownership in Tether. Right. Howard Lutnick's family office can own 5 % of Tether, the company that's funding Iranian terrorism and the war against America. Cantor is also in business with Tether. They have a company that's on their website, on Cantor's website, called 21 Capital, a Bitcoin acquisition company that's owned jointly by Tether, Cantor Fitzgerald, and SoftBank.

4:17Michael Popok:Cantor also borrowed money, or the Lutnick family borrowed money from Tether. See, the Lutnick family has a family trust for the benefit of the four children of Howard and Allison Lutnick. It's known as the Dynasty Trust A. And Dynasty Trust A took out a major loan of an undisclosed amount against its assets from Tether. Do you see why they don't want to be that harsh against Tether right now? So according to the new investigative reporting that Blumenthal's office has done, they looked at 850 cryptocurrency wallets holding Tether that are used by Iran. And 84 % of those wallets are using Tether to evade U.S.

5:08Michael Popok:sanctions to create its own cryptocurrency banking system to fund its operations. In fact, there's a direct link between a hack of Tether that resulted in$1.5 billion worth of cryptocurrency being stolen by the North Koreans. And it ended up back with Iran through Tether. who's benefiting, who's profiting. Well, one of the groups that's profiting is Cantor Fitzgerald with its direct ties and its primary custodial position and fees. Also, being able to borrow from Tether while he was Commerce Secretary for the benefit of his children's trust. In fact, Howard Lutnick was grilled about his position and his company's position with Tether in the Senate.

6:01Michael Popok:Here's a clip. Until you became secretary, you led the investment bank, Cantor Fitzgerald. And Cantor Fitzgerald is still maintaining significant business size with Tether, a stablecoin issuer domiciled in El Salvador. And under the Genius Act, which was enacted last year, Tether is permitted to freely offer and sell a stablecoin token in the United States without needing a license from U.S. regulators. and without needing to meet any U.S. anti-money laundering and sanctions compliance requirements or obtain an audit. All it needs to do is demonstrate that El Salvador's stablecoin regulations are similar to the United States.

6:46And I think this is a huge risk because Tether has been identified as helping to fund Hamas, North Korean WMD proliferation, ransomware attacks, Russian arms deals, etc. Now, you said in your confirmation hearing, quote, I believe U.S. dollar-backed stablecoins should be fully audited, close quote. Does this include Tether? And if so, why has Tether not been audited? Two things for you. I am, of course, completely divested from all things business. I'm just worried about the United States of America. My understanding is that Tether has launched a U.S. fully approved under the Genius Act stablecoin.

7:35So I think the only Tether stablecoin in America will be the fully approved under the Genius Act stablecoin. And generally speaking, I absolutely agree with you. Tether should be audited. I don't have anything to do with it, but I agree with you that Tether should be audited.

7:52Michael Popok:Now, this at the same time that Scott Bessett, the Treasury Secretary, was bragging on Sunday morning talk shows that they're going to we're going to crush Iran's financial system. How are you going to do that? Look down the hallway at your Commerce Secretary, whose family office is benefiting from having Tether participate in the evasion, the evasion of U.S. sanctions by Iran. Play the clip of Scott Bessett, our Treasury Secretary, who should go have lunch with Howard Lutnick and find out what's going on with Tether. Play the clip. podcast we are squeezing the iranians like they've never seen today i would say that the external flights from iran probably more than 80 or 90 percent of them got shut down i'm not sure how the iranian representatives at the un are going to get home so we have made it very clear around the world whether it's the financiers the people who are doing business the people who are supplying the Iranians.

8:46We know who you are. You know who you are. And we are going to prosecute and execute your companies and your bank accounts every day and every week.

8:56Michael Popok:Have you thought about doing something to protect yourself from stalkers, scammers and hackers? Well, go to www.joindeleteme.com slash legal AF, enter code legal AF and get 20 % off DeleteMe. DeleteMe removes your personal information that's being sold online. Get an individual plan for just over$8 per month. I have an active online presence, so privacy is really important to me. Take control of your data and keep your private life private by signing up for Delete Me, now at a special discount for our listeners. Get 20 % off your Delete Me plan when you go to joindeliteme.com slash Legal AF and use promo code Legal AF at checkout.

9:41Michael Popok:But the only way to get 20 % off is to go to www.joindeliteme.com slash Legal AF and enter code Legal AF at checkout. One more time, that's joindeliteme.com slash Legal AF, code Legal AF. Now, this is not the first time we've heard about the connection between Tether, the Iranian government and other narco-terrorism and regimes like Hamas and the Lutnik family. In fact, somebody who testifies about cryptocurrency as an expert, Ben McKenzie, had this to say to the Senate about Tether. When it comes to potential crypto crimes, the call is coming from inside the White House. A foreign company that issues a cryptocurrency used by major criminal organizations appears to have shaped Trump's signature piece of legislation, the Genius Act, while at the same time forging deep financial relationships with members of the executive branch.

10:42Lutnik has an extensive financial relationship with the largest crypto company in the world, Tether. Much has been written about how Tether is used by organized crime all over the world. Tethers have been used for international drug cartels, as well as by terrorist organizations like Hamas. They have been used for sanctions evasion and tax evasion in countries like Russia and Iran. The fact that our current Secretary of Commerce has a financial relationship with a company that issues a product, which is an instrument of crime on a global scale, ought to be troubling enough to warrant further investigation.

11:18But recent reporting lays out an even more disturbing fact pattern. Last week, Bloomberg released its investigation into how Tether influenced the White House on the Genius Act, via Lutnick and Bo Hines, the then 29-year-old former college football player who was appointed executive director of the president's Council of Advisors on Digital Assets. In late 24, through the following spring, Lutnick and Hines worked behind the scenes to loosen safeguards and shape the law in ways that benefited the world's dominant stablecoin issuer, Tether. What did Tether get out of the Genius Act? The Genius Act allows for Tether's stablecoin to be regulated by El Salvador.

11:55The Genius Act carved out the DeFi loophole that absolves crypto companies like Tether from any obligation to track their products on secondary markets. This means criminals of all kinds can continue to use Tethers while the company can continue to claim no responsibility. Lastly, the Genius Act contains a three-year grace period before companies like Tether have to comply with U.S. law. In August 2025, Bo Hines left his position and the administration one month after the bill was signed into law. The very next month, he became the CEO of Tether's U.S. operations. The month after that, October 2025, Tether executives made a loan to a trust benefiting Howard Lutnick's children as they were in the process of purchasing their father's business interests.

12:37It's worth noting that the Trump family itself has also profited from Tether, albeit indirectly. In December 2024, Tether invested$775 million in the money-losing company Rumble, which runs President Trump's true social platform. One thing is abundantly clear. The Lutnik family, Bohinds, and the president of the United States have benefited from their relationships with the shady offshore crypto company.

13:03Michael Popok:And that connection between Tether, Lutnik, Trump, the policy of America, passed not to benefit you and me, but to benefit them. And ultimately, this new tie, this direct tie to Iran was exposed by a public interest group. Play the clip. Keep going. We worked hard. We worked hard. It was supposed to be crypto's big moment. In July 2025, President Trump signed the Genius Act, the first major federal law regulating stablecoins. Supporters said it would bring cryptocurrency into the financial mainstream, protect consumers and crack down on its use in drug trafficking, terror financing, and fraud.

13:45Today, you have another historic legislative achievement that is a monumental step to fulfilling your promise to making the United States the crypto capital of the world. The Genius Act applies to every firm that issues stable coins, which, unlike other tokens, are designed to maintain a stable value. The bill drew intense lobbying from all corners of finance, from crypto exchanges to community banks. But a Bloomberg investigation found that the final law looked very different from measures that lawmakers had previously envisioned. We interviewed dozens of people involved in the negotiations. And found that in the months before and after Trump took office in January 2025, two Trump advisors worked behind the scenes to shape key provisions in ways that benefited Tether, the world's largest stablecoin company, Howard Lutnick and Bo Hines.

14:31Michael Popok:So what are they going to do about it? It's easy math. Tether's not doing a thing about it to cut ties with Iran and to make sure its cryptocurrency isn't used in Iranian wallets to fund terrorism and the war against Americans. Nothing. And they have friends in high places in the Trump administration, starting with Donald Trump and Howard Lutnick. And they help write the law that regulates them, the Genius Act, as you heard. And Howard Lutnick's family office, Cantor Fitzgerald, makes tens if not hundreds of millions of dollars because of its close relationship with Tether, owning businesses with Tether, borrowing money from Tether to benefit Howard Lutnick's children.

15:18Michael Popok:You think they're inclined to shut down Tether or force it to cut ties with Iran where it's making lots of money? I don't think so. You heard Howard Lutnick in the clip I played in his Senate testimony. I support auditing it. It should be audited. It should be audited. The Trump administration should be telling Tether in no uncertain terms, shut down Iranian funding. You can't just focus in 2026 on the traditional banking system. Oh, we took away its bank accounts. Oh, we don't let it transfer money internationally through SWIFT system. Oh, That's not where all the money is hidden. The money is hidden and being transacted every minute, every day through the shadowy business and network of cryptocurrency.

16:12Michael Popok:In this case, Donald Trump, USDT, held by Tether. So we're going to continue to follow it right here on Legal AF and on the Midas Touch Network. Thank you again for getting Legal AF to the 2.5 million subscriber level. Sends a chill down my spine, but we're not done. We're still building till the midterms and beyond because it's necessary that this community survive and thrive. And with your help, we will. Until my next report, I'm Michael Popak. Can't get your fill of Legal AF? Me neither. That's why we formed the Legal AF Substack. Every time we mention something in a hot take, whether it's a court filing or a oral argument, come over to the Substack.

17:00Michael Popok:You'll find the court filing and the oral argument there, including a daily roundup that I do call, wait for it, Morning AF. What else? All the other contributors from Legal AF are there as well. We got some new reporting. We got interviews. We got ad-free versions of the podcast and hot takes. Wear Legal AF on Substack. Come over now to free subscribe. Telltale Yeah.