Key facts
- Tether CEO Paolo Ardoino received a request for records from Senator Richard Blumenthal.
- The request stems from a reported $6.3 million deal between Tether and Nxum.
- Nxum is co-founded by Bo Hines, a former White House crypto adviser.
- Blumenthal cited concerns about potential conflicts of interest and lobbying efforts.
- Hines allegedly coordinated lobbying on stablecoin legislation, including the GENIUS Act.
Senator Richard Blumenthal has requested records from Tether CEO Paolo Ardoino concerning a reported $6.3 million deal between the stablecoin issuer and Nxum, a marketing company co-founded by former Trump White House crypto adviser Bo Hines. The Connecticut lawmaker, in a letter sent Thursday, stated that the Senate Permanent Subcommittee on Investigations is seeking information on contracts, payments, communications, and lobbying activities between Tether and Nxum. Blumenthal characterized the probe as part of an examination into alleged "self-enrichment and self-dealings with cryptocurrency firms" during the Trump administration. He further alleged that Hines, while holding a stake in Nxum, coordinated lobbying efforts on stablecoin legislation, including the GENIUS Act, with Tether CEO Ardoino reportedly demanding that opponents of the bill be "obliterated."