Bo Hines, a former crypto adviser to US President Donald Trump, reportedly retained a one-third interest in investment firm Nxum while helping advance the GENIUS stablecoin legislation, according to reporting by The Wall Street Journal cited by Cointelegraph. The report says Nxum received $6.3 million under an agreement with Tether, with the first payment made while Hines was still serving in the White House.
Reported Nxum-Tether arrangement
Hines co-founded Nxum and, according to The Wall Street Journal, maintained his one-third stake while working to build support for the Guiding and Establishing National Innovation for US Stablecoins Act, commonly known as the GENIUS Act. The legislation establishes a federal framework for stablecoins, digital tokens generally designed to maintain a stable value against a reference asset such as the US dollar.
The reported financial arrangement involved Nxum receiving $6.3 million from Tether, the company behind the USDt (USDT) stablecoin. The Wall Street Journal said the initial payment was made while Hines remained in government.
The report also said Hines stayed in contact with his Nxum partners through the Signal messaging application during his time as Trump’s crypto adviser, providing updates on the progress of the GENIUS Act. It further reported that he urged the partners to describe Republican lawmakers who opposed the legislation as undermining the president and as being supported by Democratic interests and crypto companies including Coinbase and venture capital firm Andreessen Horowitz, commonly known as a16z.
The account has raised questions about the overlap between public policymaking and private financial interests. It does not establish a legal finding, but it adds to scrutiny of relationships between government officials and digital-asset businesses as the United States develops rules for stablecoins.
GENIUS Act and Hines’ move to Tether
Congress passed the GENIUS Act, and Trump signed it into law in July 2025 at a ceremony attended by cryptocurrency executives, including representatives associated with Tether and Circle. Hines was present and was personally recognized by Trump at the event.
The law is not yet fully operational. It requires rules from agencies that oversee or play a role in the financial system, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Treasury Department. The legislation is scheduled to take effect in January 2027.
Hines later moved from government into the private sector. He joined Tether as a strategic adviser in August 2025 and became chief executive of the company’s US arm the following month. Cointelegraph said it contacted Tether for comment on the allegations in The Wall Street Journal’s report but had not received an immediate response.
The report comes amid wider attention to the financial activities of Trump, his family and members of his administration in the digital-asset industry. The source material said Trump disclosed $1.4 billion in 2025 income from investments connected to digital assets, including millions of dollars linked to World Liberty Financial, his family’s crypto company, which is behind the USD1 stablecoin.
A continuing crypto “revolving door”
Hines’ transition from a government role to a position at a crypto company is part of a broader pattern cited in the report. Summer Mersinger, formerly a commissioner at the US Commodity Futures Trading Commission, resigned three years before her term was due to end to become chief executive of the Blockchain Association, a crypto advocacy organization.
Solidus Labs also announced that Kevin Webb, previously a senior counsel and adviser to former CFTC Commissioner Brian Quintenz, would become its vice president of policy. The company has also hired former CFTC commissioner Dawn Stump, who joined Solidus as a strategic adviser after leaving the agency in 2022.
These moves have made the “revolving door” between regulators, policymakers and the crypto industry a continuing focus of debate. For stablecoin issuers and investors, the GENIUS Act is significant because the law will shape the regulatory requirements governing the tokens once the implementing rules are completed. For the public, the Hines report highlights the importance of transparency when officials involved in writing or promoting financial legislation retain business interests connected to the affected industry.
Current market picture
Moneyiar market data recorded at the stated times on October 15, 2026, showed the following:
- STABLE: $0.0268097889, up 0.28% over 24 hours and 3.4% over seven days, as of 21:14 +03:30.
- TRUMP: $1.8818794377, up 0.82% over 24 hours and 3.52% over seven days, as of 21:13 +03:30.
- COMP: $22.4050016957, down 0.56% over 24 hours and 3.75% over seven days, as of 21:14 +03:30.
- GENIUS: $0.2991738004, down 6.35% over 24 hours and 4.34% over seven days, as of 21:14 +03:30.
These market movements are Moneyiar data and are presented separately from the reported allegations concerning Hines, Nxum and the GENIUS Act.
