Key Takeaways
- • Tether paid more than $6 million to Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines, while Hines was working to advance the GENIUS Act, according to a Wall Street Journal investigation.
- • The payments were divided among Nxum's three partners, and Hines retained a stake in the firm despite having stepped back from its daily operations.
- • Hines reportedly continued discussing the stablecoin bill with his Nxum partners over Signal while still in office.
- • Hines left the White House in August 2025 and became CEO of Tether's US stablecoin business in September 2025, a sequence that has raised conflict-of-interest questions.
Summary
Tether paid more than $6 million to Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines, while Hines was working to advance the GENIUS Act, according to a Wall Street Journal investigation reported by CoinPedia. The WSJ cited internal documents, messages and payment records showing the funds were divided among Nxum's three partners.
According to the report, Hines kept a stake in Nxum. Although he had stepped back from the firm's daily operations, he still discussed the stablecoin legislation with his partners over Signal while serving in the Trump administration.
The GENIUS Act was signed into law in July 2025. Hines left his White House post in August 2025 and became CEO of Tether's US stablecoin business in September 2025. The timing of these events, together with the payments to a firm in which he retained an interest, has raised conflict-of-interest questions.
The primary source does not include a response from Tether or Hines, and the details above are as reported by the Wall Street Journal and relayed by CoinPedia.
According to the report, Hines kept a stake in Nxum. Although he had stepped back from the firm's daily operations, he still discussed the stablecoin legislation with his partners over Signal while serving in the Trump administration.
The GENIUS Act was signed into law in July 2025. Hines left his White House post in August 2025 and became CEO of Tether's US stablecoin business in September 2025. The timing of these events, together with the payments to a firm in which he retained an interest, has raised conflict-of-interest questions.
The primary source does not include a response from Tether or Hines, and the details above are as reported by the Wall Street Journal and relayed by CoinPedia.
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