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Democratic Sen. Richard Blumenthal has opened an investigation into allegations that stablecoin issuer Tether made payments to a company linked to former White House crypto policy adviser Bo Hines, CoinDesk reported.
Blumenthal, the top Democrat on the U.S. Senate Permanent Subcommittee on Investigations, sent letters on Oct. 22 to Tether and Nxum Group, a consulting firm founded by Hines, Hines’ father and other partners, seeking an explanation of the transactions, according to the report. The probe follows reports that Tether paid substantial consulting fees to a family-owned company tied to Hines while Hines was serving as a White House crypto policy adviser. The Wall Street Journal had earlier reported that Nxum Group provided consulting services to Tether and received large payments during Hines’ White House tenure, when Hines was involved in developing stablecoin policy closely tied to Tether’s business.