Senator Richard Blumenthal, the ranking Democrat on the Senate Permanent Subcommittee on Investigations, has asked Tether for records of its payments to Nxum, a consulting firm co-founded by Bo Hines. The letter, dated October 22, is addressed to Tether CEO Paolo Ardoino and asks for a reply by November 6.
Reports say Tether sent Nxum more than $6 million and agreed in May 2025 to pay $415,000 a month for lobbying, PR and advisory services. Hines was executive director of the White House digital asset advisory council in 2025 and held a one-third stake in Nxum. He later became CEO of Tether’s US stablecoin business.
Blumenthal asks for transaction records, wallet addresses and communications. He also wants to know why some payments were routed through Notorious, a marketing firm run by Peter Vincer, instead of going directly to Nxum, who ultimately received the funds, and whether Tether discussed buying a 25% stake in Nxum for $56 million.
The inquiry has not established that Tether or Hines broke any federal law, and it comes from the subcommittee’s Democratic minority, not from a formal committee action. CryptoSlate reported no response from Tether at the time of writing.
The letter matters because Tether is the issuer of USDT, the largest stablecoin, and is building a US business under federal rules. Political scrutiny of its Washington ties could affect that expansion. Any outcome depends on whether Tether replies and what the records show.
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Sources:
- CryptoSlate: Senator probes Tether’s reported $6 million payments to ex-White House crypto adviser’s firm
- Bitcoin.com News: Senator Probes Tether’s Reported $6M Deal With Firm Tied to Ex-Trump Crypto Advisor
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