According to Bloomberg, citing multiple insiders and court documents, U.S. Commerce Secretary Howard Lutnick and former White House crypto lead Bo Hines reportedly pushed for provisions favoring Tether during the drafting of the GENIUS Stablecoin Act. The report states that Hines referred to the three-year transition period for offshore stablecoin issuers as the White House's 'red line' during negotiations, adding that this timeline was what Tether wanted. Hines later joined Tether about a month after the act was signed, taking charge of its U.S. stablecoin operations. The report also cites legal documents claiming that Tether Chairman Giancarlo Devasini said Lutnick 'managed to block' a previous version of the stablecoin act that could have been more unfavorable to Tether. Before joining the government, Lutnick led Cantor Fitzgerald, a company that manages Tether's reserves and acquired approximately 5% equity in Tether through a $600 million convertible bond deal in 2024. Tether has denied any improper interactions with policymakers, stating that the GENIUS Act does not grant it special treatment. Meanwhile, the U.S. Department of Commerce stated that Lutnick had completed asset divestitures in accordance with ethical agreements and did not participate in matters related to the stablecoin provisions of the act. https://(wublock123.com)/news/bloomberg-us-officials-allegedly-backed-genius-act-favoring-tether-65267