Bo Hines, a former cryptocurrency adviser to President Donald Trump, held a one-third stake in the investment firm Nxum while advocating for the GENIUS Act. The legislation, which focuses on stablecoins, was signed into law in July 2025.
Reports indicate that Nxum received $6,3 million through a deal with Tether, the issuer of the USDT token. The initial payment occurred while Hines was still employed at the White House, where he reportedly communicated with his business partners via Signal regarding the bill's progress.
Hines joined Tether as a strategic adviser in August 2025 and became the CEO of its US division the following month. The GENIUS Act, which requires regulatory oversight from agencies including the Federal Reserve and the Treasury, is set to take effect in January 2027.
The situation highlights broader scrutiny regarding former government officials transitioning into roles within the digital asset industry. Other notable moves include former CFTC commissioner Summer Mersinger joining the Blockchain Association and former senior counsel Kevin Webb joining Solidus Labs.
