Blumenthal Seeks Tether Records on Reported Nxum Payments

Sen. Richard Blumenthal is seeking records from Tether and consulting firm Nxum about reported payments and possible lobbying coordination involving former White House crypto adviser Bo Hines, as the senator examines the firms’ relationship during federal stablecoin policy negotiations. In letters to Tether and Nxum, Blumenthal requested contracts, payment records, communications and information about lobbying activity involving the companies and Hines. He alleged that messages indicated coordination on advocacy related to the GENIUS Act, including efforts to extend stablecoin compliance deadlines. The allegations have not been established by the records described in the reporting. The Wall Street Journal reported that Tether arranged to pay Nxum $415,000 a month under a deal brokered in May 2025. It said three installments of $2.49 million each were made in May and December 2025 and April 2026. The gross total was $7.47 million; after intermediary fees, Nxum reportedly received about $6.3 million. The payment details and transaction account trace to that investigation and have not been independently corroborated in the reports reviewed. The reported timing has drawn scrutiny...