US senator probes Tether after reported deal with ex-Trump crypto adviser
The Democratic ranking member of the Senate Permanent Subcommittee on Investigations asked Paolo Ardoino for records related to a reported deal between Tether and Nxum.
U.S. Senator Richard Blumenthal is conducting an investigation into Tether, the prominent stablecoin issuer, after it was reported that the company had formed a $6.3 million partnership with Nxum, a marketing firm co-founded by former White House crypto adviser Bo Hines. Blumenthal, the Democratic ranking member of the Senate Permanent Subcommittee on Investigations, has requested records and information related to contracts, payments, communications, and lobbying between Tether and Nxum.
This probe is part of an investigation into what Blumenthal characterized as the Trump administration's "self-enrichment and self-dealings with cryptocurrency firms." According to Blumenthal, former White House crypto adviser Bo Hines, who worked as executive director of President's Council of Advisers on Digital Assets from January to August 2025, was involved in coordinating lobbying efforts with Tether and Nxum.
Blumenthal stated that Hines failed to divest his one-third stake in Nxum, yet continued to work closely with the company to lobby against stablecoin legislation. Blumenthal's investigation reveals that Tether's business relationship with Nxum and Hines raises serious ethical and legal concerns, suggesting that Tether was well aware of the illegality and impropriety of making payments to a current White House official with a direct role in shaping cryptocurrency legislation.
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