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- Senator Richard Blumenthal demanded payment records from Tether and consulting firm Nxum.
- The inquiry examines possible conflicts involving former White House crypto adviser Bo Hines.
- Blumenthal alleged over six million dollars flowed to Nxum while Hines shaped policy.
Sen. Richard Blumenthal has demanded payment records from stablecoin issuer Tether and consulting firm Nxum, co-founded by former White House crypto adviser Bo Hines.
The Connecticut Democrat, the ranking member of the Senate Permanent Subcommittee on Investigations, sent the letters on Oct. 22. The inquiry is being conducted by the subcommittee’s minority staff and examines possible conflicts involving Hines’s government work and business interests.
Tether rejected the allegations.
“[…] External counsel previously conducted an in-depth internal investigation into the matter, which found no evidence of wrongdoing,” the company said.
Payment Dates, Contracts, and Wallet Addresses Requested
Blumenthal wants a breakdown of payments from Tether to Nxum, marketing firm Notorious and people affiliated with either business. The requests cover payment dates, methods and cryptocurrency wallet addresses, alongside descriptions of the consulting and lobbying services purchased.
He also seeks contracts, draft agreements and communications about dealings with Nxum, including discussions involving Hines, regulators and lobbying on Tether’s behalf. The demands extend to records concerning Hines’s potential employment after leaving government.
The senator asked why Tether used Notorious and its chief executive, Peter Vincer, as an intermediary. He also wants an explanation of the reported switch to direct contracts with Nxum after Hines left the White House, and subsequent discussions about a nondisclosure agreement with Vincer.
A separate request seeks communications and contracts involving Hines between Jan. 20 and Aug. 9, 2025.
Blumenthal Questions Payments During White House Service
Blumenthal alleged that more than $6 million flowed to Nxum under an arrangement that began while Hines was helping shape stablecoin policy. The senator cited a reported agreement dating to May 2025 that provided for payments of $415,000 a month.
He also alleged that Hines retained a one-third stake in Nxum while participating in discussions about the GENIUS Act, the federal stablecoin law. Blumenthal argues that the arrangement raises questions under ethics, anticorruption and lobbying laws.
Nxum has said Hines was unaware of and uninvolved in its Tether business and received no Tether-derived funds while serving in government. A company representative said he recused himself from company business, retained a passive investment and was not required by ethics rules to sell his stake.
After Hines left government, Tether appointed him a strategic adviser on Aug. 19, 2025. The company announced the following month that he would lead its U.S. stablecoin business.
Nxum Faces Questions on Ownership and Lobbying
The separate letter to Nxum chief executive Todd Hines, Bo Hines’s father, asks for details of Bo Hines’s ownership, operational role and income from the firm during and after his White House service.
Blumenthal also questioned whether Nxum discussed registering as a lobbyist and why it had not disclosed lobbying activity involving the GENIUS Act. That request rests on the senator’s allegation that the firm coordinated lobbying with Tether and Hines.
Both companies are also asked about reported discussions of Tether buying a 25% stake in Nxum for $56 million. Blumenthal is seeking details of their current relationship and whether they discussed such an investment.
