A U.S. Senate inquiry is focusing on payment arrangements between Tether and Nxum Group. Richard Blumenthal, the top Democrat on the Senate Permanent Subcommittee on Investigations, sent letters to both companies seeking details about the payments. The scrutiny centers on Nxum Group’s ties to Bo Hines, who helped found the firm and also serves as CEO of Tether’s U.S. subsidiary. According to the report, Nxum Group provided consulting services to Tether and received large payments while Hines was serving as a White House crypto adviser and taking part in crypto policy work. Blumenthal said the terms and nature of the business relationship raise serious ethical and legal concerns. A Tether spokesperson did not immediately respond to a request for comment.
Odaily reported that Richard Blumenthal, the top Democrat on the U.S. Senate Permanent Subcommittee on Investigations, has sent letters to Tether and Nxum Group seeking details about Tether’s payment arrangement with the firm.
Focus turns to Nxum Group and Bo Hines
Nxum Group was co-founded with the involvement of Bo Hines, the CEO of Tether’s U.S. subsidiary. According to the report, Nxum Group provided consulting services to Tether and received large payments while Hines was serving as a White House crypto adviser and participating in the development of crypto policy.
Blumenthal cites ethical and legal concerns
Blumenthal said the terms and nature of the business relationship between Tether and Nxum Group raise serious ethical and legal concerns.
A Tether spokesperson did not immediately respond to a request for comment.
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