Richard Blumenthal, the top Democrat on the Senate Permanent Subcommittee on Investigations, directly demanded records from Paolo Ardoino, focusing on payments Tether made to Nxum. Nxum is co-owned by Bo Hines, a former White House crypto adviser. Two media outlets reported the story on October 23.
A stablecoin issuer paying a politically connected firm, at a time when Congress is pushing stablecoin legislation, doesn’t look good. Tether has long relied on its reserves and compliance narrative to support its market value. Now it has another payment record to explain.
My take is straightforward: if Tether can’t clearly explain what the money was for, it will have an even harder time making its case at the legislative table. $BTC
A stablecoin issuer paying a politically connected firm, at a time when Congress is pushing stablecoin legislation, doesn’t look good. Tether has long relied on its reserves and compliance narrative to support its market value. Now it has another payment record to explain.
My take is straightforward: if Tether can’t clearly explain what the money was for, it will have an even harder time making its case at the legislative table. $BTC