How did Tether — the largest stablecoin issuer in the world — go from fighting stablecoin regulation to supporting the Genius Act? That’s the subject of a new Bloomberg News investigation into how Trump insiders helped to loosen safeguards and shape the process that led to the law in ways that benefitted the company.

On today’s Big Take podcast, Bloomberg’s Anthony Cormier and David Kocieniewski detail their reporting for host Sarah Holder, including how US Commerce Secretary Howard Lutnick, according to court filings, ‘managed to kill’ less favorable legislation before taking office, and how former White House aide Bo Hines defended a provision Tether wanted – before going to work for the company.

Read more: How Tether Benefited as Trump Insiders Shaped First US Crypto Law

Further listening: Meet Tether, The Most Powerful Crypto Firm You’ve Never Heard Of

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Hosted by Sarah Holder; Produced by David Fox; Reported by Anthony Cormier, David Kocieniewski and Annie Massa; Edited by Aaron Edwards, Tracey Samuelson.

Fact-checking by Rachael Lewis-Krisky; Engineering by Emma Munger, Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.