Senator Richard Blumenthal has formally requested documentation from Tether CEO Paolo Ardoino regarding a reported $6.3 million contract between the stablecoin issuer and the marketing firm Nxum. The inquiry, led by the Senate Permanent Subcommittee on Investigations, seeks records of payments, communications, and lobbying activities.
The investigation focuses on the relationship between Tether and Nxum, a company co-founded by Bo Hines, a former White House crypto adviser. According to the senator, the probe examines allegations of self-dealing and the coordination of lobbying efforts against stablecoin legislation, specifically the GENIUS Act.
Bo Hines served as executive director of the President’s Council of Advisers on Digital Assets from January to August 2025 before joining Tether. Another former administration official, Harry Jung, joined Nxum as a managing director in August 2026. Tether has not yet provided a response to the inquiry.
The senator’s actions are part of a broader scrutiny regarding financial gains linked to cryptocurrency policies within the current administration. President Trump reported earnings of $1.4 billion from crypto-related investments in 2025. The political landscape remains fluid ahead of the November 3 election.
