A Senate letter just put Tether's stablecoin empire in the ethics spotlight.
Sen. Richard Blumenthal — ranking Democrat on the Senate Permanent Subcommittee on Investigations — sent letters Thursday to Tether and Nxum Group, ex-White House crypto adviser Bo Hines's firm. The trigger: a Wall Street Journal report that Nxum took large consulting payments from Tether while Hines was still advising the administration on stablecoin rules. Hines now runs Tether's US arm.
Blumenthal called the arrangement "highly unusual," saying Tether was "likely well aware of the illegality and impropriety" of paying a White House official shaping rules central to its business. Tether's response: external counsel already ran an "in-depth internal investigation" and "found no evidence of wrongdoing."
Why it matters: a second front against the world's largest stablecoin issuer, on top of the Iran-report fight. But a letter is a request, not a finding — and his party is in the minority. That changes fast if Democrats retake the Senate.
Does crypto policy get made in the open — or does this explain why stablecoin rules looked so issuer-friendly?
$USDT #CryptoNews #Tether #Senate #Regulation
Sen. Richard Blumenthal — ranking Democrat on the Senate Permanent Subcommittee on Investigations — sent letters Thursday to Tether and Nxum Group, ex-White House crypto adviser Bo Hines's firm. The trigger: a Wall Street Journal report that Nxum took large consulting payments from Tether while Hines was still advising the administration on stablecoin rules. Hines now runs Tether's US arm.
Blumenthal called the arrangement "highly unusual," saying Tether was "likely well aware of the illegality and impropriety" of paying a White House official shaping rules central to its business. Tether's response: external counsel already ran an "in-depth internal investigation" and "found no evidence of wrongdoing."
Why it matters: a second front against the world's largest stablecoin issuer, on top of the Iran-report fight. But a letter is a request, not a finding — and his party is in the minority. That changes fast if Democrats retake the Senate.
Does crypto policy get made in the open — or does this explain why stablecoin rules looked so issuer-friendly?
$USDT #CryptoNews #Tether #Senate #Regulation