Revolving Door Trading Exposed: Who is Tailoring the U.S. Stablecoin Bill for Tether?

White House aides, the Secretary of Commerce, and the pried-open regulatory "back door".

Written by: Anthony Cormier, David Kocieniewski, Annie Massa, Bloomberg

Compiled by: Saoirse, Foresight News

This incident is seen as a landmark event in the crypto industry and marks the first legislative achievement in Trump’s agenda to establish the U.S. as the "global crypto capital".

One year ago this month, Trump signed the "GENIUS Act" into law in the East Room of the White House, witnessed by numerous members of Congress and industry executives. He described the bill as a crucial step in integrating digital assets into the mainstream U.S. financial system.

The bill establishes federal regulatory rules for stablecoins for the first time, aiming to restore market confidence in a sector valued at $300 billion. It requires issuing institutions to disclose their accounts and prevent financial fraud; it also plans to bring stablecoin issuers under U.S. regulatory jurisdiction, regardless of where the companies are registered, addressing a long-standing pain point in the industry: criminals, terrorist organizations, and sanctioned entities continuously using stablecoins to circulate funds.

However, extensive interview records and court documents reveal the negotiations' inner workings: in the months before and after Trump took office, his advisors Howard Lutnick and Bo Hines operated behind the scenes to weaken regulatory constraints, ultimately finalizing a bill that favored the global leading stablecoin issuer, Tether. Multiple sources involved in the negotiations indicated that Lutnick and Hines had a decisive influence on the legislative direction among Trump’s aides, with the final bill incorporating several provisions beneficial to Tether. Dozens of industry executives, lobbyists, and current and former U.S. officials who provided leads for this report requested anonymity due to their lack of authority to disclose negotiation details.

On July 18, 2025, Trump signed the "GENIUS Act" at the White House. He described the bill as a "significant advancement in consolidating America's dominance in global finance and crypto technology." Photo: Al Drago/Bloomberg

Before serving as Secretary of Commerce in Trump’s administration, Howard Lutnick was the Chairman and CEO of Wall Street investment bank Cantor Fitzgerald, which is entrusted with managing Tether's reserve assets. Congressional lobbying records, federal court filings, and a knowledgeable source confirm that throughout 2024, Lutnick acted as Tether’s crisis public relations head, calming various negative narratives and lobbying against bills not recognized by Tether.

After Trump took office, Bo Hines was responsible for pushing the bill to completion. The then 29-year-old White House aide was a local entrepreneur and crypto investor from North Carolina, who ran for Congress in 2022 and 2024 as a Republican but lost both times. He claimed to be a "hardline enforcer" for the White House in promoting the bill. Three sources revealed that as negotiations neared their conclusion, Hines publicly stated that the terms Tether was striving for were a "red line" that the White House could not compromise on.

This report outlines the complete legislative context, exposing previously undisclosed operations: first Howard Lutnick, then Bo Hines, maneuvering to secure favorable rules for Tether, which holds about 60% of the global stablecoin market share. The report also clearly demonstrates how this administration's policy-making is deeply intertwined with the personal economic interests of officials. Both Hines and Lutnick have received substantial returns from Tether.

From 2024 until shortly after the "GENIUS Act" was enacted, Tether executives completed a series of business arrangements over 18 months:

• In April 2024, they granted Howard Lutnick's financial institution the right to purchase shares worth billions of dollars in the company for only $600 million. The chairman of Tether reportedly told partners that the deal price was "ridiculously low".
• In December 2024, they invested $775 million in the loss-making Rumble Inc. This streaming company partnered with the firm operating Trump’s Truth Social platform, with several individuals from Trump’s camp among its investors.
• In August 2025, they hired Bo Hines as an executive, just one month after the bill was signed.
• In October 2025, they provided a loan to a trust; the beneficiaries of the trust were Howard Lutnick’s children, who were then acquiring their father’s business assets worth billions of dollars.

According to the federal ethics agreement that cabinet officials must sign, Howard Lutnick promised to divest his shares in Cantor Fitzgerald and to avoid all matters with potential conflicts of interest. A spokesperson for the U.S. Department of Commerce did not respond to the details of this article, only stating that Lutnick complied with ethics agreements, divested all assets, including those related to Tether, and "did not participate in any work related to the stablecoin provisions of the 'GENIUS Act.'"

Bo Hines did not respond to interview requests, and the White House also declined to comment.

Tether issued an official statement, firmly denying any improper lobbying activities with policymakers regarding stablecoin legislation. The company stated that it has long communicated legally and transparently with regulators, lawmakers, and law enforcement, and that many market participants engage in similar exchanges. Tether also emphasized that the "GENIUS Act" does not provide special privileges for Tether, and the entire set of new regulations will uniformly apply to all stablecoin issuers wishing to operate under that framework.

The bill has triggered intense lobbying across the entire financial industry, with crypto exchanges, credit card companies, and community banks all participating in the game. However, Tether is undoubtedly the absolute leader in the industry, with the largest competitor being only half its size, thus giving Tether the highest stakes during the 2025 bill negotiation phase.

Since the bill came into effect, Tether, registered in El Salvador, has continued to expand. The company launched a new compliant token for the U.S. market, but its core product remains the most widely circulated stablecoin globally. Several industry research institutions and government documents indicate that USDT has long been used by terrorists, North Korean hackers, and entities sanctioned by Iran and Russia. According to the provisions of the "GENIUS Act," this core USDT token may permanently evade direct oversight by U.S. regulators.

The final text of the "GENIUS Act" contains several provisions favoring Tether, significantly differing from the stablecoin regulatory proposals drafted by previous members of Congress. Stablecoins combine convenience with pseudonymous characteristics: blockchain wallet addresses are permanently public, but users' true identities cannot be directly traced.

Key Aides Influencing Crypto Legislation for Trump

As early as 2023 to 2024, bipartisan lawmakers had drafted a bill setting hard requirements: foreign stablecoin companies (such as Tether) wishing to operate in the U.S. must accept U.S. regulatory scrutiny and implement a full set of anti-money laundering standards.

The "GENIUS Act" significantly relaxed these constraints. Critics refer to the provision as a "regulatory loophole," stating that as long as the U.S. Treasury Secretary determines that El Salvador’s regulatory standards are roughly equivalent to those of the U.S., Tether’s USDT can be regulated by El Salvador, and Tether is planning to relocate its headquarters to that country. The implementation details regarding the equivalence determination are still being drafted.

Another adjustment reduces the liability boundaries for stablecoin issuers, known in the industry as the "DeFi loophole": issuers are not required to track the misuse of tokens in decentralized finance secondary markets. Users can bypass banks and exchanges to trade directly on the blockchain without having to verify their identity or explain the purpose of their funds.

The bill also sets a three-year compliance grace period: stablecoin issuers entering the U.S. market will not be required to meet all compliance requirements for three years. During the legislative negotiations, some Democratic lawmakers proposed shortening the grace period to 18 months, but sources indicate that Tether insisted on retaining the three-year period, with Bo Hines stepping in at a critical moment to strongly advocate for it.

During negotiations, Bo Hines indicated to various parties that Tether was of significant importance to the White House, and Republicans should maintain their position. Three sources relayed that Hines explicitly stated that retaining the three-year transition period was a non-negotiable red line.

Bo Hines was appointed by Trump as the Executive Director of the President's Digital Asset Advisory Committee, leading the push for the "GENIUS Act" to pass through Congress. Photo: Tierney L. Cross/Bloomberg

Many financial experts warn that these provisions will weaken the U.S. ability to combat money laundering by criminals and sanctioned entities, while also hindering Trump’s goal of establishing a global digital currency leader.

Timothy Massad, a former Assistant Secretary of the Treasury under the Obama administration, expressed concerns that regulatory loopholes could create unfair competition, with U.S.-based crypto companies facing high compliance costs while foreign issuers could evade stringent anti-money laundering rules, potentially undermining the dollar's status as the global reserve currency. Timothy Massad also served as the Chairman of the U.S. Commodity Futures Trading Commission from 2014 to 2017.

"If we want the dollar to continue to maintain its status as the global core reserve currency, we cannot allow terrorists, sanctioned individuals, and criminals to anonymously transfer U.S. dollars," Timothy Massad stated.

Any currency carries the risk of being used illegally. However, since the launch of USDT in 2014, Tether has faced ongoing scrutiny, with outsiders believing it lacks sufficient user due diligence. Tether argued in its early years that its establishment overseas could shield it from what it termed "overregulation" by the U.S. But its stance has since shifted: in December 2023, Tether introduced rules to proactively freeze wallet addresses related to individuals and entities listed on U.S. sanctions lists.

Investigative agencies have continuously gathered evidence proving that USDT has been used for activities such as fentanyl trafficking in Mexico and assisting Russia in evading sanctions. A United Nations report in January 2024 indicated that Southeast Asian crypto money laundering gangs prefer USDT as their primary tool. Two knowledgeable sources revealed that the Biden administration's National Security Council even discussed a complete ban on Tether tokens entering the U.S. market in 2024.

The proposal has ultimately been shelved, with law enforcement citing the ability to trace illegal funds related to USDT through on-chain transactions. In the long term, federal law enforcement agencies also acknowledge that Tether's willingness to cooperate in freezing involved assets has increased.

Tether's spokesperson responded to the interview: "The company has established a leading law enforcement collaboration mechanism in the global financial sector." The company claims to be committed to combating financial crime, and the GENIUS Act will further strengthen related efforts.

Despite this, USDT continues to be frequently used by illegal groups throughout the entire legislative process and after its implementation.

Blockchain analytics firm Elliptic reports that in 2025, the sanctioned Central Bank of Iran purchased USDT worth $507 million. In July of the same year, the month Trump signed the bill, Elliptic detected nearly $2.5 billion in USDT flowing into wallets associated with several Russian-linked enterprises; the U.S. Treasury identified these enterprises as building cross-border channels to help various parties evade sanctions.

This year alone, USDT worth over $4 billion has circulated in the black market operated by Chinese fraud groups, used for pig-butchering scams, impersonation fraud, and sexual extortion, with data also sourced from Elliptic.

Court documents show that since July 2025, federal prosecutors across the U.S. have initiated dozens of lawsuits seeking to seize involved USDT, with a total amount of at least $172 million.

Tether's total circulation is more than twice that of its primary competitor, Circle Internet Group Inc., but its employee count is less than half of that of its rival, with a significant amount of suspicious transaction analysis outsourced to third-party agencies. Tether refuses to disclose the size of its compliance team but states, "We continuously collaborate with 67 jurisdictions and over 340 law enforcement agencies worldwide to identify, freeze, and assist in recovering assets related to illegal activities."

A company spokesperson stated, "This is not just a paper-based compliance commitment, but a practical collaboration that is actionable and quantifiable, a level that most traditional financial institutions find difficult to achieve."

Howard Lutnick's Lobbying Layout
Cantor Fitzgerald has been managing Tether's reserve assets since 2021, at which time this investment banking executive had known Trump for decades. At that time, Trump had just completed his first presidential term and was preparing to return to the White House. Tether's profitability is strong, but its market reputation is controversial. In 2024, Howard Lutnick was actively involved in both Trump's campaign and Tether's interests.

To gain investor trust that the tokens have sufficient reserves backing them, independent audits are crucial, but Tether has never released a complete independent audit report of its reserves. In 2021, Tether and its affiliated exchanges paid $61 million to settle charges brought by federal regulators and the state of New York, which alleged that Tether made false statements about its reserve size and misled investors; in the settlement agreement, Tether did not admit to any wrongdoing. According to the provisions of the GENIUS Act, stablecoin issuers are required to provide audit reports annually; Tether announced this year that it has hired an auditing firm but has not yet disclosed a timeline for the release of the complete audit report.

Howard Lutnick (then Chairman and CEO of Cantor Fitzgerald) attended the World Economic Forum in Davos, Switzerland in January 2024. Source: Bloomberg

As the market continues to question the authenticity of Tether's reserves, Howard Lutnick publicly stepped up to support it. In January 2024, he attended the Davos Forum and stated on Bloomberg TV: "They have the funds they claim to have in reserves."

The following month, Howard Lutnick visited El Salvador, meeting with Tether Chairman Giancarlo Devasini and the country's president Nayib Bukele, who strongly supports the crypto industry—this president calls himself "the coolest dictator in the world." Subsequently, Tether announced plans to relocate its headquarters to the capital, San Salvador.

In April 2024, Cantor Fitzgerald invested $600 million in convertible bonds, acquiring the right to purchase 5% equity in Tether. This transaction was not disclosed until November of that year after Trump's election victory. Based on Tether's own financial reports, the transaction was significantly discounted: Tether's net profit in 2024 was approximately $13 billion, and according to the valuation logic of listed financial institutions, the company's valuation is at least $130 billion. By this estimate, Cantor's investment corresponds to a paper value of over $6 billion.

Bitcoin entrepreneur Cory Klippsten met with Tether executives and Howard Lutnick in 2024. According to his account, Tether Chairman Giancarlo Devasini described this transaction as "ridiculously cheap."

Cory Klippsten had previously engaged in business cooperation with Tether, but the subsequent collaboration broke down, leading both parties into litigation. Cory Klippsten accused Tether executives in court documents of poaching employees, stealing program codes and trade secrets, and tearing up cooperation agreements; Tether counter-sued Cory Klippsten for improperly using Tether's investments as collateral for other trades. During the litigation, Cory Klippsten sought to summon Howard Lutnick to testify and requested documents related to Cantor Fitzgerald's dealings with Tether. Lutnick's attorney argued in court that the business secretary was not involved in this dispute, and the opposing party's evidence request was merely to "harass and embarrass Lutnick."

Cory Klippsten stated in court materials from March that he had preserved complete records of his conversations with Giancarlo Devasini, with the lawsuit excerpting relevant dialogues, including the expression "ridiculously cheap." The documents suggest that Cantor's convertible bonds were essentially Howard Lutnick's hidden compensation for acting as Tether's spokesperson in Washington and the media.

The Early Regulatory Bill That Fell Through
Congress members have long harbored doubts about Tether. At the end of 2023, Wyoming Republican Senator Cynthia Lummis co-signed an open letter urging the Justice Department to investigate whether Tether provided substantial funding support to Hamas and other terrorist organizations during the October 2023 attack in Israel. In April 2024, Cynthia Lummis, along with New York Democratic Senator Kirsten Gillibrand, introduced a bill requiring all stablecoin issuers operating in the U.S. to comply with U.S. anti-money laundering rules and information disclosure obligations.

Cynthia Lummis made it clear at the time: If Tether wants to enter the U.S. market, it must comply with U.S. regulations. After the bill was announced, she spoke to CoinDesk, stating: "If Tether chooses to stay overseas and is willing to accept the jurisdiction of other regulatory bodies, that is a business decision. But if it wants to gain recognition in the U.S. market, we hope it complies with U.S. regulations."

In July of the same year, at the Nashville Bitcoin Conference, Howard Lutnick publicly supported Tether again, and Trump also delivered a keynote speech at the event. Lutnick passionately stated, "We will never work with any company involved in jihadist terrorism; I find this absolutely abhorrent." He reminded the audience that in the 2001 World Trade Center attacks, over 650 Cantor Fitzgerald employees lost their lives, including his brother.

In July 2024, Trump delivered a speech at the Bitcoin Conference in Nashville, Tennessee. Photo: Brett Carlsen/Bloomberg

After this speech, Trump, who had shifted from a crypto skeptic to a crypto supporter, invited Howard Lutnick onto the campaign plane, appointing him as co-chair of the presidential transition committee. The group flew to Minnesota, where Lutnick warmed up the crowd before Ohio Senator JD Vance (a well-known crypto supporter) delivered a speech.

Cory Klippsten's notes indicated that Trump's rising poll numbers greatly boosted the confidence of Tether executives. "They see new opportunities to fly to New York and appear on CNBC; this is the platform Trump can provide."

In 2024, Howard Lutnick traveled to Washington. The lobbyists hired by Cantor Fitzgerald continued to communicate with members of the House and Senate, advancing several stablecoin bills that were pending review at the time. Insiders revealed that Lutnick met with Patrick McHenry, then-chairman of the House Financial Services Committee, to discuss how the new laws would affect offshore companies like Tether. Patrick McHenry did not respond to requests for an interview. In September of the same year, Lutnick met with Cynthia Lummis; a spokesperson for the senator stated that the meeting primarily discussed preparations for the presidential transition team and only briefly touched on her concerns about Tether's involvement in financial crimes.

The spokesperson emphasized: "No one persuaded Cynthia Lummis to abandon her own bill; Secretary Lutnick and his team never pressured her in any form to modify the text."

Court documents cite records retained by Cory Klippsten, relaying Giancarlo Devasini's original words: "Howard told me he has blocked all relevant bills regarding stablecoins and cryptocurrencies. There is still some time before Congress recesses, and Howard believes no policies unfavorable to us will be enacted.",

This batch of bills was ultimately shelved. The following year, Cynthia Lummis and Kirsten Gillibrand both voted in favor of the new version of the "GENIUS Act," acknowledging the provisions allowing foreign entities to accept equivalent regulation. A spokesperson for Kirsten Gillibrand declined to comment on her voting choice; Cynthia Lummis's spokesperson stated that lawmakers often vote in support of bills that do not fully align with their ideal proposals. This year, Cynthia Lummis is leading the drafting of legislation in the Senate to establish a regulatory framework for crypto assets beyond stablecoins.

After Trump's victory in November 2024, Cantor Fitzgerald facilitated a new round of investment for Tether, further bridging the connection between Tether and Trump's business circles. Around Christmas, Tether invested $775 million in Rumble Inc. This conservative video streaming platform provides cloud services and advertising support for Trump's Truth Social.

Excerpt from the transaction agreement dated December 20, 2024

Investor Tether Investment Limited signed an agreement with Delaware's Rumble Inc: the investor contributed $775 million, and the company issued 103,333,333 Class A common shares at an issue price of $7.50 per share. The company also initiated a voluntary tender offer to repurchase up to 70 million shares at the same repurchase price of $7.50 per share. Source: U.S. Securities and Exchange Commission filing from December 2024.

The timing of this investment is intriguing: Rumble reported a cumulative loss of $338 million that year. The platform claims to uphold free speech, positioning itself against mainstream video sites; the list of investors includes several Trump allies, who later joined Trump's second administration, including Vice President JD Vance, former FBI Deputy Director Dan Bongino, and former White House special advisor on AI and crypto David Sacks.

After the announcement of Tether's investment, Rumble's stock price surged in the short term, closing at $16.27 on December 26, a 126% increase from the announcement date. Rumble has since rebranded to RUM Group, with $525 million (about 68%) of Tether's investment used to repurchase shares from the core management team. Tether has continued to increase its holdings, with the current market value of its position around $875 million.

Tether CEO Paolo Ardoino stated at the time: "Tether's investment in Rumble stems from our mutual recognition of decentralized, transparent operations and the fundamental right to free speech." The company claims that approximately $250 million of the funds will be used for business expansion, including building a crypto payment platform.

During the formation phase of Trump's second administration, the White House assigned a former college football player to lead the legislative push for stablecoin regulation. His initial exposure to cryptocurrency came from participating in the 2014 "Bitcoin Bowl" football event.

"Hi, Bo!"

As a newcomer to Washington politics, Bo Hines's resume does not compare to the crypto giants and seasoned congressional staff he interacts with daily. However, this young man, standing 1.85 meters tall and weighing 93 kilograms, possesses qualities valued by Trump's White House: he is camera-friendly, a staunch supporter of the MAGA ideology, and has a public record of not acknowledging the results of the 2020 presidential election. Additionally, in the fall of 2024, he and his father’s business contributed $1 million to outdoor billboards supporting Trump's political action committee.

Appointed by the president, Bo Hines heads the new Presidential Digital Asset Advisory Committee, responsible for several tasks: researching the establishment of a federal crypto asset reserve, drafting regulatory guidelines for the crypto industry, with the core mission of promoting the implementation of the "GENIUS Act."

In early February 2025, the bill text circulated internally in Washington. Later that month, crypto executives and lawmakers gathered at the Willard Hotel to discuss the bill, with two attendees confirming that Tether CEO Paolo Ardoino made an unexpected appearance. Paolo Ardoino informed those present that the company is seriously implementing anti-money laundering measures.

In March, Paolo Ardoino posted photos of his visit to Congress and the White House on social media. He revealed to The New York Times that after Howard Lutnick officially took office as Secretary of Commerce in February, he deliberately avoided meeting with him to sidestep potential conflicts of interest.

In the same month, Tether hired Washington lobbyist Jeff Miller. This individual has been representing Cantor Fitzgerald on stablecoin-related matters since 2024. Jeff Miller served as a core member of Trump's inauguration committee for two consecutive terms, and his consulting firm saw rapid growth during Trump's first term. In 2025, Miller Strategies collected a total of $570,000 in service fees, with Cantor paying $480,000 and Tether paying $90,000. Paolo Ardoino mentioned in a Bloomberg TV interview: "It is crucial for the industry's demands to be fully heard."

Meanwhile, Bo Hines steadily advanced his work. Insiders say he believes lawmakers should not go against the president's wishes and continues to pressure all parties to reach a consensus quickly. He also expressed the view that the market overstates the risks of digital tokens being used illegally. In an interview with Bitcoin Magazine in April, Bo Hines stated: "It is not wise for criminals to use digital assets for illegal activities; in most scenarios, transaction records can be publicly traced."

The earliest version of the "GENIUS Act" sparked strong dissatisfaction among Tether's competitors and Democratic lawmakers, as compared to the multiple drafts in 2024, regulatory constraints were significantly relaxed.

In May, a group of Democratic lawmakers (including moderate crypto policy advocates) united to resist, temporarily hindering the bill's progress. Two insiders revealed that New York Senator Chuck Schumer urged colleagues at a closed-door Democratic meeting to review the operational data of Tether compiled by the Biden National Security Council to ensure that the "GENIUS Act" sets sufficient protective rules to prevent U.S. adversaries from laundering money through crypto channels.

In the same month, Massachusetts Senator Elizabeth Warren called on her Democratic colleagues to reject the latest version of the bill. She believed the provisions intentionally loosened regulations, favoring Tether.

Senator Elizabeth Warren questions provisions related to the "GENIUS Act." Source: Elizabeth Warren's official YouTube account

Insiders indicated that Bo Hines ignored such concerns, frequently citing Trump's wishes, stating that the president wants the bill to be implemented as soon as possible. The Republican congressional leadership continued to advance the legislative agenda.

The final negotiation focus of the bill was on the length of the compliance transition period. In private negotiations, Bo Hines insisted that the Republicans could not abandon the three-year grace period, rejecting the Democrats' proposal to shorten it to 18 months. In multiple internal meetings, he clearly informed all parties that this was Tether's demand.

Ultimately, Bo Hines achieved victory. At the signing ceremony in July, the main supporters of the bill gathered at the White House.

Trump stood on stage, looking over the crowd, and asked, "Where's Bo Hines? Hi, Bo! Bo was once a very talented football player, right? The top college football player in the country, I met him through football." (Bo Hines was previously a wide receiver at North Carolina State University before transferring to Yale, where a shoulder injury ended his football career.)

Hines and Lutnick attend the "GENIUS Act" signing ceremony

After receiving applause, Bo Hines took his seat. Sitting directly in front of him was Tether CEO Paolo Ardoino. Just a month later, Tether announced the hiring of Bo Hines as an advisor; shortly thereafter, Bo Hines was promoted to CEO of Tether's new U.S. compliant token, USAT. This new token has a limited circulation scale, with a total of about $186 million. Bo Hines stated at a crypto industry conference last year that both USAT and USDT will comply with the regulatory standards of the "GENIUS Act."

In the front row of the signing ceremony, Bo Hines sat between Vice President JD Vance and Howard Lutnick. Trump gestured for him to stand and receive applause from the audience, praising his outstanding performance in tariff negotiations: "Howard, you did an excellent job."

Three months later, Howard Lutnick completed the transaction, selling Cantor Fitzgerald to a trust set up for his children. The day after the transaction closed, New York submitted filing documents indicating that Tether issued an undisclosed amount of loans to one of the trusts.

Howard Lutnick declined to disclose the transaction amount for the assets acquired by his children, nor did he clarify whether the Tether loan was used to pay for the acquisition. In the same year, Tether approached investors, planning to raise funds based on a valuation of $500 billion. If this valuation materializes, the 5% potential equity held by Cantor Fitzgerald would have a paper value of $25 billion.

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