Former Trump Adviser Bo Hines Received $6.3 Million From Tether While Working on Crypto Law — WSJ

• Nxum, a company co-owned by Bo Hines, received $6.3 million as part of a Tether-linked arrangement.
• While working at the White House, Hines pushed for a three-year transition period to comply with the GENIUS Act requirements — a provision favorable to Tether.
• Messages show he discussed the bill with Nxum partners while they were building a relationship with the USDT issuer.

Nxum, a company co-owned by Bo Hines, Donald Trump’s former cryptocurrency adviser, received $6.3 million as part of a Tether-linked deal while Hines was working on the GENIUS Act — a U.S. stablecoin law. WSJ reported this, citing internal documents, messages, and payment records.

According to WSJ, within weeks of Hines beginning work on stablecoin legislation, Nxum started building a relationship with Tether — the world’s largest stablecoin issuer.

In May 2025, Tether signed a deal with the marketing firm Notorious, linked to entrepreneur Peter Wincer. It provided for monthly payments of $415,000 for at least two years. According to documents and blockchain records, part of the funds was transferred to Nxum.

The first payment of $2.49 million in USDT was made on May 11, 2025, via Bitfinex — an exchange owned by Tether’s parent company. Later, wallets controlled by Nxum received two more transfers of $2.49 million each — in December 2025 and April 2026, after Hines had left the White House.

Hines Pushed for a Three-Year Transition Period

The GENIUS Act set federal rules for dollar-pegged payment stablecoins. Provisions defining operating conditions for issuers — including those based outside the U.S. — were particularly important for Tether, the journalists noted.

According to people involved in the talks, Hines urged lawmakers to extend the transition period for compliance from 18 to 36 months. Critics viewed the provision as beneficial to Tether, since the company might need more time to adapt to U.S. rules.

Messages reviewed by WSJ also show that Hines discussed legislative developments with Nxum partners in a Signal group chat and shared talking points about the fight surrounding the bill.

In June 2025, when the bill ran into trouble in the House of Representatives, Hines suggested that partners step up a campaign against Republicans who were slowing the vote. In a message, he called them “bought-and-paid-for Democratic puppets,” mentioning Coinbase and a16z.

What Did Hines and Tether Say?

A Nxum spokesperson told the WSJ that while working at the White House, Hines was not aware of the company’s business relationship with Tether and was not involved in it. According to the spokesperson, Hines did not receive money from Tether during that period and had no financial relationship with the company.

The spokesperson also claimed that Hines recused himself from Nxum matters after joining the administration, and that his communications with partners concerned only information that was already public. Under this version of events, the extension of the transition period was the result of negotiations among many stakeholders.

Tether representatives did not respond to the WSJ’s requests for comment. The White House said it expects employees to comply with federal laws and ethics rules.

Cynthia Brown, a senior ethics counsel at CREW, noted that US law generally restricts officials from participating in matters in which they have a financial interest. At the same time, assessing a potential violation depends on the specific circumstances and applicable rules.

Hines Headed Tether’s US Unit

Journalists noted that on August 9, 2025, Hines announced his departure from the White House. In September, Tether appointed him to lead its new US unit.

Meanwhile, Nxum continued to expand its cooperation with crypto businesses and political organizations. According to the WSJ, the company circulated a pitch deck to potential investors in which Tether was described as an “anchor investor” that was allegedly set to buy a 25% stake in Nxum for $56 million.

In addition, Nxum helped launch the pro-crypto political committee Fellowship PAC, led by Tether’s head of government relations, Jesse Spiro. According to federal filings, the committee raised at least $11 million, and paid more than $6.5 million to Nxum for advocacy, advertising, and other services.

A Nxum spokesperson explained that the reluctance to publicly tie the PAC to specific companies or individuals was driven by a desire to attract a broader base of supporters.

According to the WSJ’s estimate, USDT accounted for around 60% of the global stablecoin market, valued at $300 billion. Given the scale of Tether’s business, the terms of the new regulation carried significant economic implications for the company.

Previously, Tether paid nearly $60 million in fines to US regulators in cases related to claims about USDT’s backing. The company denied that its product was unfit for lawful use, and emphasized its cooperation with law enforcement and the ability to trace transactions on the blockchain.

The Nxum and Hines story raises questions about a potential conflict of interest between public service, private business ties, and subsequent employment. At the same time, the documents and testimony cited by the WSJ should not be automatically treated as a final legal determination that the law was broken.

As a reminder, the European Central Bank previously proposed changing the MiCA rule that led Tether to отказаться from a license.

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