White House · Donald Trump · US Senate · Tether · CoinDesk
Senate's top Democratic investigator looking into Tether payments to Bo Hines' firm
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
U.S. Senator Richard Blumenthal has added another Tether probe to the many irons he has in crypto fires, this time demanding answers about reported payments the company made to a firm owned by Bo Hines, the former White House crypto adviser who is now in charge of the U.S. arm of Tether.
Key facts
- Hines' family firm, Nxum, has recently hired another official that worked as a White House crypto adviser, Harry Jung
- Prediction market Kalshi gives Democrats a 69% chance at the moment
- Blumenthal, the ranking Democrat on the Senate's Permanent Subcommittee on Investigations, sent letters Thursday to Tether and to the consulting company Hines started with his father and another
- The Wall Street Journal reported last week that Nxum had received large payments for consulting work for Tether when Hines was still advising President Donald Trump and his administration on crypto
Summary
U.S. Senator Richard Blumenthal keeps digging into Tether on behalf of the Senate Permanent Subcommittee on Investigations, this time looking at recent reports that a firm owned by former White House crypto adviser Bo Hines took millions while he was still helping shape stablecoin policy. Blumenthal, the ranking Democrat on the subcommittee, sent letters to Tether and the firm, Nxum, that was co-founded by Hines, who took a job as Tether’s top U.S. executive after leaving the White House.
"The highly unusual terms and nature of Tether’s business relationship with both Nxum and Bo Hines raise alarming ethical and legal concerns, indicating that Tether was likely well aware of the illegality and impropriety of issuing payments to a current White House official with such a direct role in shaping cryptocurrency legislation that was instrumental to its business," Blumenthal wrote to Tether CEO Paolo Ardoino.