U.S. Commerce Secretary Howard Lutnick has reportedly agreed to transfer his stake in Cantor Fitzgerald to his children and a group of investors. Additionally, Lutnick has agreed to divest from the Wall Street firm’s two subsidiaries as part of an ethics agreement with the U.S. government.

According to Reuters, Lutnick sold his Class A shares in brokerage BGC Group for $151.5 million and real estate firm Newmark Group for $127 million. The shares were sold to the two subsidiaries, while Cantor Fitzgerald is expected to purchase Lutnick’s Class B shares in BGC and Newmark, allowing the firm to maintain its majority ownership in both companies.

The disclosure of Lutnick’s stock sales ensures his compliance with the Ethics in Government Act of 1978 (EIGA), which prohibits U.S. government officials from holding financial interests that could compromise their objectivity or independence. The Office of Government Ethics (OGE) plays a crucial role in overseeing ethics programs and reviewing financial disclosures.

During his confirmation hearing, some U.S. senators, including crypto critic Elizabeth Warren, raised concerns about Lutnick’s judgment and ability to prioritize American interests over his financial ties. At the time, Lutnick defended his company’s association with stablecoin issuer Tether, which Warren described as “a known facilitator of criminal activity.” Lutnick insisted that Tether conducted KYC-compliant business practices.

Although Lutnick pledged to divest if confirmed, critics argued that transferring shares in companies regulated by the U.S. Commerce Department posed unavoidable conflicts of interest.

Meanwhile, Reuters reported that Apollo co-founder Josh Harris’s alternative asset management firm, 26North, and Oak Hill Advisors founder Glenn August are set to become minority shareholders in Cantor Fitzgerald.

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