Democratic ranking member Sen. Richard Blumenthal has asked Tether CEO Paolo Ardoino for records on contracts, payments, communications and lobbying between Tether and Nxum, a marketing company co-founded by former White House crypto adviser Bo Hines, following a Wall Street Journal report of a $6.3 million deal. Blumenthal says Hines did not divest his one-third stake in Nxum and worked with it to lobby against, or seek changes to, stablecoin legislation, and that messages show Tether coordinating Nxum's lobbying on the GENIUS Act. He says these arrangements raise alarming ethical and legal concerns. As of Friday, Kalshi event contracts gave Democrats 92% and 68% chances of retaking the House and Senate, respectively, from 2027, while Tether did not respond to a request for comment.
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Related tickers and likely impact
BTC/USDT
• NeutralBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/22/2026 | 81,416.09 |
| Change that session | -3.18% |
ETH/USDT
• NeutralEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $294.2B |
| Close on 10/22/2026 | 2,389.14 |
| Change that session | -3.42% |
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