White House · US Senate · Tether · Wall Street · Decrypt
Richard Blumenthal, D-Conn., the top Democrat on the Senate Permanent Subcommittee on Investigations
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Hines was executive director of President Donald Trump’s Presidential Council of Advisers for Digital Assets and a key architect of the GENIUS Act, signed in July 2025.
Key facts
- The Journal reported that Nxum has earned $6.3 million from a deal Tether struck in May 2025
- The Journal also reported that Hines urged lawmakers to double the law’s compliance window from 18 to 36 months, a change that chiefly benefited Tether
- Hines was executive director of President Donald Trump’s Presidential Council of Advisers for Digital Assets and a key architect of the GENIUS Act, signed in July 2025
- Blumenthal’s letter builds on an Oct. 14 Wall Street Journal investigation
Summary
Richard Blumenthal asked Tether to hand over records on its dealings with Bo Hines and his consulting firm, Nxum, by Nov. 3. The Wall Street Journal reported that Nxum earned $6.3 million from a Tether deal struck while Hines, who kept a one-third stake, helped craft the GENIUS Act. A Nxum representative said Hines wasn’t involved in the deal and received no Tether-derived funds while in government. Tether is facing fresh scrutiny in the Senate over millions of dollars that reportedly flowed to a firm co-owned by Bo Hines while he helped shape U.S. stablecoin law at the White House. Richard Blumenthal, D-Conn., the top Democrat on the Senate Permanent Subcommittee on Investigations, sent Tether CEO Paolo Ardoino a letter Thursday demanding records of the company’s dealings with Hines and Nxum, the consulting firm he co-founded.