White House · Tether · Donald Trump · US Senate · Wall Street · Cointelegraph
US senator probes Tether after posted agreement with ex-Trump crypto adviser
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The Democratic ranking member of the Senate Permanent Subcommittee on Investigations asked Paolo Ardoino for records related to a reported deal between Tether and Nxum.
Key facts
- Senator Richard Blumenthal has requested information from Tether CEO Paolo Ardoino after a Wall Street Journal report said that the stablecoin issuer had inked a $6.3 million deal with a marketing
- As of Friday, event contracts on prediction market platforms Kalshi and Polymarket favored Democrats retaking majority control of both chambers of Congress in 2027, with 92% and 68% chances on Kalshi
- Hines worked as executive director as President’s Council of Advisers on Digital Assets from January to August 2025, when he left the White House to join Tether as a “strategic adviser
- The Democratic ranking member of the Senate Permanent Subcommittee on Investigations asked Paolo Ardoino for records related to a reported deal between Tether and Nxum
Summary
Update (Oct. 23, 6:27 pm UTC):. Senator Richard Blumenthal has requested information from Tether CEO Paolo Ardoino after a Wall Street Journal report said that the stablecoin issuer had inked a $6.3 million deal with a marketing company co-founded by former White House crypto adviser Bo Hines. In a Thursday letter to Ardoino, the Connecticut lawmaker said that the Senate Permanent Subcommittee on Investigations demanded “records and information related to contracts, payments, communications, and lobbying” between Tether and Nxum, Hines’ company. “While Hines failed to divest his one-third stake in Nxum he worked closely over encrypted messaging applications with Nxum to coordinate lobbying, advocacy, and browbeating of members of Congress that were opposed to, or had sought changes to, pending stablecoin legislation,” said Blumenthal.