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Senator Probes Tether’s Logged $6 million Deal With Firm Tied to Ex-Trump Crypto Advisor
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Richard Blumenthal (D-Conn.) has launched an investigation into Tether’s reported multimillion-dollar payments to a consulting firm co-owned by former White House cryptocurrency adviser Bo Hines, raising concerns about potential conflicts of interest and violations of federal ethics and lobbying laws.
Key facts
- According to the Journal, Tether agreed in May 2025 to pay Nxum $415,000 monthly for strategic communications, lobbying, and public relations services
- A Wall Street Journal investigation alleges that Tether paid approximately $6.3 million to a consulting firm partly owned by Bo…
- After Hines departed the White House in August 2025, Tether began contracting directly with Nxum and subsequently hired Hines to lead its newly established U.S. operations
- Blumenthal alleged that Hines coordinated with Nxum through encrypted messaging applications while advocating for provisions in the GENIUS Act, the landmark stablecoin legislation signed into law
Summary
Richard Blumenthal is probing Tether’s reported $6.3 million payments to a consulting firm co-owned by former White House crypto adviser Bo Hines. Blumenthal raised concerns that Hines may have influenced stablecoin legislation benefiting Tether while retaining an ownership stake in the firm. Blumenthal requested contracts, payment records, and communications from Tether and the consulting firm by Nov. 6, citing potential ethics and lobbying violations. In an Oct. 22 letter to Tether CEO Paolo Ardoino, Blumenthal demanded records detailing the stablecoin issuer’s relationship with Nxum, a consulting firm co-founded by Hines, following a Wall Street Journal investigation that revealed the company allegedly received approximately $6.3 million from Tether while Hines helped shape crypto policy for President Donald Trump.