Swan Bitcoin CEO says Twenty One Capital served as Tether’s U.S. lobbying vehicle

Twenty One Capital, a U.S.-listed Bitcoin accumulation company, is effectively owned by Tether, while the role of recently departed CEO Jack Mallers was largely limited to promoting the stock, The Block reported. Cory Klippsten, CEO of Bitcoin buying and custody platform Swan Bitcoin, said Tether had partly obscured Twenty One Capital’s structure and that the company served as a channel for work Tether needed done in the U.S., including directing money to politically necessary areas. Klippsten did not provide specific evidence. Tether Investments, the largest shareholder in Twenty One Capital, had been pursuing a three-way merger involving Bitcoin payments app Strike and crypto mining company Elektron Energy. But after Jack Mallers, who had served as CEO, stepped down, Strike was removed from the merger talks. Management changes within Twenty One Capital are also continuing, according to the report.