According to a letter sent Thursday by Sen. Richard Blumenthal, D-Conn., Tether received a demand to hand over records of its dealings with Bo Hines and his consulting firm Nxum by November 3. Hines, a former executive director of President Trump's Digital Assets Council who helped craft the GENIUS Act signed in July 2025, retained a one-third stake in Nxum while in government. The Wall Street Journal reported on October 14 that Nxum earned $6.3 million from a Tether deal struck in May 2025, with the consulting firm receiving most payments after Hines left the White House in August. Blumenthal wrote that the payment structure suggests Tether was "likely well aware of the illegality and impropriety" of paying a sitting official, citing federal ethics and anticorruption laws. Tether responded that external counsel found "no evidence of wrongdoing" in an internal investigation.
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