Richard Blumenthal

Senator Richard Blumenthal has widened his scrutiny of Tether by seeking details on reported payments to Nxum Group, a consulting firm co-founded by former White House crypto adviser Bo Hines. Tether says an internal investigation conducted by external counsel found no evidence of wrongdoing.

Tether is pushing back against Senate Democratic claims that USDT supported Iran-linked shadow finance, arguing its compliance actions have been faster than official sanctions designations. CEO Paolo Ardoino said the company’s freezes helped drive a 94% decline in Iran-linked stablecoin volumes, while acknowledging that the work is not finished.

Senator Richard Blumenthal is seeking detailed information from Cantor Fitzgerald about its financial relationship with Tether, the issuer of USDT. The inquiry comes as Democrats’ chances of gaining Senate control rise, potentially giving crypto critics stronger investigative authority.

U.S. federal prosecutors are reportedly investigating whether Binance knowingly allowed trading activity that may have violated sanctions on Iran. The inquiry adds pressure on the exchange after its 2023 guilty plea and $4.3 billion settlement over banking compliance failures.

Senators Elizabeth Warren and Richard Blumenthal have asked the SEC to investigate President Donald Trump’s $TRUMP memecoin after steep investor losses. The request lands as Senate negotiations over the Digital Asset Market Clarity Act remain stuck on ethics rules for government officials tied to crypto projects.