TLDR
- The Wall Street Journal reports that Bo Hines kept a one-third stake in Nxum while he was a White House crypto adviser.
- Nxum has received $6.3 million from a Tether deal, with the first payment made while Hines was in government.
- Hines pushed for a longer compliance window in the GENIUS Act, which helped Tether.
- A Nxum representative says Hines did not know about the Tether deal and received no Tether funds while in the White House.
- Tether did not respond to requests for comment, and the GENIUS Act takes effect in January 2027.
The Wall Street Journal reported that a firm co-owned by former White House crypto adviser Bo Hines received millions of dollars from Tether while he worked on stablecoin legislation. The report was published Oct. 14, 2026.
SCOOP: While Bo Hines was leading the White House’s push to pass the Genius Act, Tether—the company with the most at stake in the bill—was steering millions of dollars to a company he co-owned.
Right after the bill passed, Tether hired him as its U.S. chief.
[Gift link]…
— Sam Kessler (@skesslr) October 15, 2026
Hines held a one-third stake in Nxum, a small consulting firm he started around 2022 with his father and a partner. He stepped back from daily management when he joined the administration in early 2025 but kept his ownership, according to his ethics disclosures.
The Tether Deal
Documents reviewed by the Journal show Nxum began pursuing business with Tether weeks after Hines started work on stablecoin legislation. A deal was reached in May 2025 for a brand and public affairs plan for the company.
Tether agreed to pay $415,000 a month through a marketing firm owned by Peter Vincer. The first payment of $2.49 million went out on May 11, 2025. Vincer kept $498,000 and sent the rest to a wallet used by Nxum.
After Hines left the White House, Tether sent two more $2.49 million payments straight to Nxum wallets. These came in December 2025 and April 2026. In total, Nxum has earned $6.3 million.
Role in the GENIUS Act
Signal messages show Hines took part in a group chat with his Nxum partners while in government. He shared talking points on the bill as the partners spoke with Tether’s chief executive, Paolo Ardoino.
Hines also urged lawmakers to extend the compliance period from 18 months to 36 months, according to people involved in the talks. Tether needed more time than its U.S. rivals, so it gained the most from the change.
In June 2025, Hines told his partners to describe Republican holdouts as undermining the president. President Trump met with the holdouts on July 15, and the bill was signed three days later.
Responses and Next Steps
A Nxum representative said Hines recused himself from company business and was unaware of the Tether dealings. The representative said ethics rules did not require him to sell his “passive investment.” A White House official said staff are expected to follow federal ethics laws.
Hines left the White House in August 2025 and became CEO of Tether’s U.S arm the next month. Nxum is now pitching investors, saying Tether will buy a 25% stake for $56 million. The GENIUS Act is scheduled to take effect in January 2027.
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