Sen. Blumenthal Seeks Records on Alleged Tether Payments to Nxum

Sen. Richard Blumenthal, the ranking member of the Senate Permanent Subcommittee on Investigations, has announced an inquiry into alleged multimillion-dollar payments from Tether to Nxum, a consulting firm co-founded by former White House digital-asset policy official Bo Hines.

The October 22 inquiry seeks records from Tether and Nxum concerning contracts, payments, communications, lobbying activity and dealings involving the companies, Hines and associated parties.

The request is an investigative demand for information, not a finding of wrongdoing. Blumenthal’s office said the matter is part of his broader investigation into cryptocurrency-related illicit finance and alleged self-enrichment or self-dealing involving the Trump administration.

What the Senate inquiry seeks

Blumenthal requested documents and information related to the business relationship between Tether and Nxum. The requested material covers agreements, payment records, communications and information connected to alleged lobbying on stablecoin legislation.

The Senate release also refers to dealings involving Hines and associated parties. The inquiry’s scope indicates that the subcommittee is examining both the reported payments and the surrounding business and policy contacts.

• Contracts and other agreements involving Tether and Nxum
• Records of payments and financial dealings
• Communications among Tether, Nxum, Hines and associated parties
• Information related to alleged lobbying on stablecoin legislation

Reported payment allegations

According to Blumenthal’s official release, more than $6 million allegedly flowed from Tether to Nxum. The release, citing Wall Street Journal reporting, also said Tether agreed in May 2025 to pay Nxum $415,000 per month.

Those figures are allegations referenced by the Senate release rather than conclusions established by the inquiry. The requested records could be used by the subcommittee to assess the reported relationship and payments.

Broader policy context

Blumenthal linked the requests to his wider review of cryptocurrency-related illicit finance and alleged self-dealing or self-enrichment involving the Trump administration. The inquiry places stablecoin policy and industry engagement with former government digital-asset officials under further congressional scrutiny.

Tether has also been active in international stablecoin discussions, including a memorandum of understanding with Kazakhstan’s central bank to explore a tenge stablecoin. The Senate inquiry, however, is focused on the alleged relationship with Nxum and related policy activity.

Continue reading: Tether’s memorandum of understanding with Kazakhstan’s central bank on BTCNews.

Continue reading: Thailand’s Bitcoin and Ether ETF rules on BTCNews.

Sources

• U.S. Senator Richard Blumenthal: Blumenthal Investigates Tether's Multimillion-Dollar Payment to Consulting Firm Owned by White House Official Who Previously Led Crypto Policy
• U.S. Senate Permanent Subcommittee on Investigations: 2026.10.22 – Letter from Ranking Member Blumenthal to Nxum
• Decrypt: Senate Democrat Probes Tether Payments to Ex-White House Crypto Adviser’s Firm

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