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

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

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.

How did Tether &mdash; the largest stablecoin issuer in the world &mdash; go from fighting stablecoin regulation to supporting the Genius Act? That&rsquo;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&rsquo;s Big Take podcast, Bloomberg&rsquo;s Anthony Cormier and David Kocieniewski detail their reporting for host Sarah Holder, including how US Commerce Secretary Howard Lutnick, according to court filings, &lsquo;managed to kill&rsquo; less favorable legislation before taking office, and how former White House aide Bo Hines defended a provision Tether wanted &ndash; before going to work for the company.
Read more: <a href="https://www.bloomberg.com/features/2026-howard-lutnick-bo-hines-trump-tether-crypto-law/">How Tether Benefited as Trump Insiders Shaped First US Crypto Law</a>
Further listening: <a href="https://podcasts.apple.com/us/podcast/big-take/id1578096201?i=1000760323601">Meet Tether, The Most Powerful Crypto Firm You&rsquo;ve Never Heard Of</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
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.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

The Trump Insiders Who Shaped US Crypto Regulation That Benefitted Tether

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/01ed200d-d9bc-433b-94e9-b48f014ee4f7/transcript