Senate Democrat Seeks Tether Records on Payments to Bo Hines’ Firm

A Senate inquiry is examining Tether’s reported payments to Nxum Group, a consulting firm co-founded by former White House crypto adviser Bo Hines.

On Oct. 22, Blumenthal sent separate records requests to Tether CEO Paolo Ardoino and Nxum Group CEO Todd Hines. Both letters ask for responses by Nov. 3 and seek contracts, payment records, communications and lobbying materials. The Tether request specifically asks for payment dates, methods and cryptocurrency wallet addresses.

Blumenthal’s letters cite reported terms of a May 2025 agreement under which Tether would pay Nxum $415,000 a month for a strategic brand and public affairs plan. They also cite reports of more than $6 million in payments to the firm. The letters say Hines retained a one-third stake in Nxum while serving in the White House and cite reported messages about his communications with Nxum partners concerning the GENIUS Act.

The terms and nature of the relationship raised ethical and legal concerns, Blumenthal said. The letters request information from the companies and do not make a finding of wrongdoing.

The inquiry follows Blumenthal’s earlier request for details about Tether’s reserve custody through Cantor Fitzgerald. The Oct. 22 letters concern Tether’s reported business arrangement with Nxum and the firm’s links to Hines.

Tether announced Hines as a strategic adviser on Aug. 19, 2025. On Sept. 12, the company announced he would become the future CEO of Tether USA₮, its planned U.S. dollar-backed stablecoin. Tether said the stablecoin was designed to comply with the GENIUS Act, the federal law governing stablecoin issuance, which became law July 18, 2025.

Tether and Nxum are being asked to provide the requested records by Nov. 3.