Sen. Richard Blumenthal asked Tether and consulting firm Nxum for records in letters dated October 22, 2026, after a Wall Street Journal investigation alleged that Tether paid Nxum about $6.3 million while its co-founder Bo Hines helped shape White House crypto policy. The requests cover contracts, cryptocurrency payments and communications; both companies have until November 6, 2026, to respond.
Blumenthal raised concerns that Hines retained a one-third stake in Nxum while advocating for stablecoin provisions that reportedly gave foreign issuers such as Tether more flexibility. Hines’ representatives denied that he knew about or participated in the Tether deal while in government. The allegations have not led to established findings of wrongdoing, and Tether has not commented publicly on the inquiry.
