Bo Hines, a Trump White House crypto adviser, held a one-third stake in investment company Nxum while lobbying lawmakers to pass the GENIUS stablecoin bill, according to a Wall Street Journal report published Wednesday. Nxum received $6.3 million from Tether under a deal initiated during Hines’ government service.
Hines kept contact with Nxum partners via Signal app while serving as Trump’s crypto adviser, updating them on GENIUS Act progress. He attended the July 2025 signing ceremony for the bill and was personally recognized by Trump at the event.
The arrangement illustrates the revolving door between government and crypto companies. Hines later joined Tether as strategic adviser in August 2025 before becoming CEO of Tether US in September 2025. Multiple former government officials have made similar moves: Summer Mersinger, a former CFTC commissioner, became CEO of the Blockchain Association after resigning three years before her term was scheduled to end. Kevin Webb, former CFTC senior counsel, joined Solidus Labs as VP of policy. Dawn Stump, another former CFTC official, joined Solidus Labs in 2022 as strategic adviser.
Legislative Advocacy During Government Service
While advising Trump on crypto policy, Hines described Republican lawmakers opposing the stablecoin bill as “undermining the president” and “bought and paid for by democratic shills like Coinbase and a16z.” The GENIUS Act passed Congress and was signed into law in July 2025. The law requires rules from the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve Board, and Treasury Department before implementation, which is scheduled for January 2027.
Hines did not respond to requests for comment regarding the financial arrangement with Tether or his advocacy for the GENIUS Act during his White House tenure.
Trump Administration Crypto Holdings
Trump disclosed earning $1.4 billion from digital asset investments in 2025, including millions from his family’s World Liberty Financial crypto company. The president attended the GENIUS Act signing and publicly recognized Hines’ role in advancing the legislation.
Tether did not respond to a request for comment on the $6.3 million payment to Nxum or the timing of the deal relative to the bill’s passage.
