Richard Blumenthal, the top Democratic investigator in the U.S. Senate, is reviewing payments made by Tether to Nxum, a company tied to Bo Hines. CoinDesk had previously reported that Hines’ firm earned millions of dollars as the main campaign advertising vendor for a political action committee linked to Tether. The review adds to Blumenthal’s recent scrutiny of the crypto sector, which has included Donald Trump’s meme coin, crypto backers connected to the president’s projects, the Trump family’s crypto company World Liberty Financial, Binance, and Tether. Blumenthal had also issued a report examining Tether’s financial links to Iran and recently asked the company to explain its relationship with U.S. financial partner Cantor Fitzgerald. Tether CEO Paolo Ardoino criticized Blumenthal this week, saying the senator ignored important information and shared the report with the media before giving the company a chance to respond. If Democrats retake the Senate in November, Blumenthal could return as chair of the investigative subcommittee with broader subpoena and agenda-setting authority, and he has already said crypto would be a priority.
Richard Blumenthal, the top Democratic investigator in the U.S. Senate, is reviewing payments made by Tether to Nxum, a company linked to Bo Hines.
CoinDesk previously reported that Hines’ company had earned millions of dollars as the main campaign advertising vendor for a political action committee associated with Tether.
Blumenthal has recently focused heavily on the crypto sector. That work has included Donald Trump’s meme coin, crypto backers tied to presidential projects, the Trump family’s crypto company World Liberty Financial, Binance’s activities, and Tether in particular.
He previously released a report examining Tether’s financial links to Iran. More recently, he asked Tether to explain its relationship with its U.S. financial partner, Cantor Fitzgerald.
Tether CEO Paolo Ardoino criticized Blumenthal’s work this week, saying it ignored important information and that the report was shared with the media before the company had a chance to respond.
If Democrats regain control of the Senate in November, Blumenthal could again become chair of the investigative subcommittee, giving him broader subpoena power and greater control over the agenda. He has already made clear that cryptocurrency would be one of his priorities.
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