US Senate to Probe Tether Payments to Ex-Trump Adviser’s Company
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Written by Turner Wright (staff writer) Edited by Robert Lakin (staff editor)
US senator probes Tether after reported deal with ex-Trump crypto adviser
Latest News
Published: Oct 23, 2026
The Democratic ranking member of the Senate Permanent Subcommittee on Investigations, Senator Richard Blumenthal, has requested information from Tether CEO Paolo Ardoino following a Wall Street Journal report. The report revealed a $6.3 million deal between Tether and Nxum, a marketing company co-founded by former White House crypto adviser Bo Hines.
Update (Oct. 23, 6:27 pm UTC): This article has been updated to include a response from Tether.
Blumenthal's Request
In a letter to Ardoino on Thursday, Blumenthal demanded:
- Records and information related to contracts, payments, communications, and lobbying between Tether and Nxum.
The probe focuses on what Blumenthal calls the Trump administration’s "self-enrichment and self-dealings with cryptocurrency firms."
Allegations
According to Blumenthal:
- Hines, while holding a position in the White House, worked closely with Nxum over encrypted messaging apps to coordinate lobbying and advocacy against stablecoin legislation.
- Tether allegedly pressured Nxum to "obliterate" opponents of the GENIUS Act, a proposed regulation for stablecoins.
Ethical Concerns
Blumenthal highlights the "alarming ethical and legal concerns" raised by the "highly unusual terms and nature" of Tether's relationship with Nxum and Hines, suggesting Tether was aware of potential illegality.
Previous Investigations
A Tether spokesperson stated that external counsel found "no evidence of wrongdoing" after an internal investigation into the matter.
Political Implications
The results of the 2026 midterm elections could shift party control in the House of Representatives and Senate, potentially giving Blumenthal and other Democrats greater investigative authority.
Related:
- Trump's Crypto Ties: Trump disclosed earning $1.4 billion from crypto investments in 2025.
- Crypto and Politics: Crypto ties could play a role in the midterm elections.