Bo Hines, a Trump White House crypto adviser, led the push for the Genius Act stablecoin law. His family consulting firm, Nxum, quietly collected $6.3 million from Tether, the world's largest stablecoin issuer, while he worked to finalize the bill. Once the law passed, Tether hired Hines to run its new U.S. division.
Signal messages reviewed by The Wall Street Journal show Hines relayed legislative updates and talking points to his partners at Nxum while in the White House. His father and co-founder Todd Hines communicated with marketing executive Gary Dennis about painting GOP holdouts as "bought and paid for by democratic shills." Hines also pushed to double the bill's compliance window to three years, chiefly benefiting Tether. A Nxum representative stated Hines had no knowledge of or role in the firm's Tether business during his service and received no Tether-linked money, calling his investment passive.
Cynthia Brown of CREW noted federal law generally bars officials from working on matters with a financial stake. Tether did not respond to requests for comment.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing