In brief – Sen.
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. Sen. 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.
Blumenthal gave Tether until Nov. 3 to respond. 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. He left the White House on Aug. 9, 2025, and Tether named him CEO of its new U.S. division the following month.