US Senate Investigates Tether's Payment Arrangement with Nxum Group

Odaily: Richard Blumenthal, the ranking Democratic member of the U.S. Senate Permanent Subcommittee on Investigations, sent a letter to Tether and Nxum Group demanding clarification on the arrangement under which Tether made payments to Nxum Group. Nxum Group was co-founded by Bo Hines, CEO of Tether's U.S. subsidiary, and provided consulting services to Tether and received substantial payments during the period when Bo Hines served as a White House crypto adviser and participated in shaping crypto policy. Blumenthal said the terms and nature of the business relationship between the two parties raise serious ethical and legal concerns. A Tether spokesperson did not immediately respond to a request for comment.