Senate Democrats expand Tether probe over payments to Bo Hines-linked firm

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Senate expands Tether probe

Highlights

Senator Richard Blumenthal sent letters to Tether and Nxum Group seeking details on payments for consulting work linked to Bo Hines, who advised President Trump on crypto policy.
Blumenthal's probe follows reports that Nxum, despite limited political experience, received millions of dollars as the main campaign advertising provider for a Tether-associated political action committee.
The Senate inquiry adds to ongoing investigations into Tether’s ties to Iran, its U.S. partner Cantor Fitzgerald, and broader scrutiny of Trump’s memecoin activity and Binance's business relationships.

Senate inquiry targets Tether consulting ties

As reported by CoinDesk, citing The Wall Street Journal, Senator Richard Blumenthal sent letters on Thursday to Tether and to Nxum Group, the consulting firm founded by Bo Hines with his father and another partner, seeking information about reported payments linked to advisory work.

Blumenthal, the ranking Democrat on the Senate's Permanent Subcommittee on Investigations, says the relationship raises questions because Hines had been advising President Donald Trump and his administration on crypto policy at the same time. In a letter to Tether Chief Executive Paolo Ardoino, Blumenthal wrote that the terms and nature of the business arrangement suggest potential ethical and legal concerns tied to payments to a White House official involved in shaping legislation important to the stablecoin issuer.

The senator is asking for details on those arrangements after reports that Nxum received large payments for consulting work for Tether while Hines was still serving as a crypto adviser. Tether did not immediately respond to requests for comment.

Broader pressure builds on crypto interests

Blumenthal's latest move adds to a broader set of crypto-related inquiries that already includes attention on Trump's memecoin activities, Binance and Tether's wider business relationships. He previously issued a report on Tether's financial connections to Iran and more recently sought answers about the company's ties to its U.S. financial partner, Cantor Fitzgerald.

CoinDesk had earlier reported that Hines' company, despite having limited political track record, was making millions of dollars as the main campaign advertising provider for a political action committee associated with Tether. Nxum has also recently hired Harry Jung, another former White House crypto adviser, while the office that advised Trump on crypto issues has since become vacant.

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