Howard Lutnick: Cantor Has a Convertible Bond With Tether

The transcript discusses the necessity of audits for stable coins, emphasizing that U.S. dollar stable coins should be fully backed by U.S. Treasuries. It highlights the importance of a robust audit process to ensure compliance and transparency. The conversation then shifts to Tether, where the speaker clarifies that neither they nor Cantor Fitzgerald own Tether, except for a convertible bond. The discussion underscores the need for clear regulations and ownership transparency in the cryptocurrency market.

Why is it important for U.S. dollar stable coins to be audited?

• To allow for price changes

• To reduce transaction fees

• To increase their market value

• To ensure they are backed by U.S. Treasuries

What is a key rule regarding the price of stable coins once purchased?

• The price can be changed at any time

• The price must remain the same

• The price can be adjusted during withdrawal

• The price is determined by market demand

What is the stance on changing the price of stable coins after a deposit?

• It is allowed with customer consent

• It is prohibited to change the price

• It is mandatory to change the price

• It is allowed if the market changes

What was the response regarding Cantor Fitzgerald's equity in Tether?

• They are planning to acquire equity

• They have partial equity

• They have no equity

• They have significant equity

What type of financial instrument does Cantor Fitzgerald own with Tether?

• Options

• Futures contract

• Convertible bond

• Equity shares