A senior Senate Democrat has asked Paolo Ardoino for records on a reported deal between Tether and a company called Nxum. The request comes from the Democratic ranking member of the Senate Permanent Subcommittee on Investigations. Cointelegraph published the story on Oct 23, 2026, and its headline describes it as a probe of Tether.
Cointelegraph's headline ties the deal to a former crypto adviser to Donald Trump. The report as we have it does not name that adviser. It also does not explain Nxum's role or give any terms of the deal.
Cointelegraph updated the article at 6:27 pm UTC on Oct 23 to add a response from Tether. The text we have does not say what Tether said. It also does not name the senator, set a deadline for the records, or describe any next step by the subcommittee.
For anyone already holding a perpetual position on Bitget, Bybit, MEXC or OKX, this story changes nothing directly. It reports a request for records, not a ruling or a penalty, and it says nothing about funding rates, trading fees or liquidity on any of those exchanges. The cost of holding a position is the same as it was before this report.
Source: cointelegraph — US senator probes Tether after reported deal with ex-Trump crypto adviser