US Senator Probes Tether Over $6.3M Nxum Deal

US Sen. Richard Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations, has asked Tether CEO Paolo Ardoino for records concerning a reported $6.3 million contract between the stablecoin issuer and Nxum, a marketing company co-founded by former White House crypto adviser Bo Hines. The request, made in a letter to Ardoino, covers contracts, payments, communications and lobbying activity involving Tether, Nxum and Hines.

Blumenthal said the inquiry examines the Trump administration’s alleged “self-enrichment and self-dealings with cryptocurrency firms.” According to the senator, Hines did not divest his one-third stake in Nxum and used encrypted messaging applications with the company to coordinate lobbying and advocacy targeting members of Congress. Blumenthal also alleged that Tether directly assisted Nxum’s efforts related to the GENIUS Act, which established a regulatory framework for stablecoins, citing messages in which Ardoino reportedly urged Nxum to “obliterate” opponents of the legislation.

Hines served as executive director of the President’s Council of Advisers on Digital Assets from January to August 2025 before leaving the White House to become a strategic adviser to Tether. He subsequently became CEO of Tether US. Harry Jung, another adviser in the Trump administration, left his government role in July 2026 and joined Nxum as a managing director the following month.

A Tether spokesperson said the company was aware of the allegations and that outside counsel found no evidence of wrongdoing after an in-depth internal investigation. The senator’s request adds scrutiny to Tether’s business relationships with political consultants and raises questions about potential conflicts of interest surrounding stablecoin legislation and federal crypto policy.