White House · Tether · Wall Street · The Block
Sen. Blumenthal seeks answers from Tether over payments to firm founded by ex-White House crypto adviser
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Richard Blumenthal said he wants answers from Tether following reports that the stablecoin issuer paid millions of dollars to a consulting firm started by former White House crypto adviser Bo Hines and his father amid negotiations to pass stablecoin legislation into law.
Key facts
- Richard Blumenthal said he wants answers from Tether following reports that the stablecoin issuer paid millions of dollars to a consulting firm started by former White House crypto adviser Bo Hines
- Last week, The Wall Street Journal reported that Tether had started a business relationship with Nxum, a consulting firm started by Bo Hines and his father, weeks after Hines took the helm
- Tether is aware of the allegations reported in The Wall Street Journal that form the basis of Senator Blumenthal’s letter," the spokesperson said
- The Connecticut Democrat said that relationship raised legal and ethical concerns, in a letter sent to Tether and Hines
Summary
The Connecticut Democrat said that relationship raised legal and ethical concerns, in a letter sent to Tether and Hines. "Tether’s alleged multimillion-dollar payment to a firm controlled by the White House official primarily responsible for cryptocurrency policy implicates federal ethics, anticorruption, and lobbying laws," Blumenthal said on Thursday. Last week, The Wall Street Journal reported that Tether had started a business relationship with Nxum, a consulting firm started by Bo Hines and his father, weeks after Hines took the helm as the White House's top crypto advisor. Tether, which issues the world's largest stablecoin, became an advocate for the GENIUS Act and, through it, launched the U.S.-based version of its flagship stablecoin, called USAT.