Former Trump Adviser Profited from Stablecoin Legislation
- Bo Hines held a one-third stake in Nxum while advocating for the GENIUS Act, which passed in July.
- Nxum received $6.3 million from Tether, with payments beginning during Hines’ tenure in government.
- Hines communicated with Nxum partners about the bill’s progress via Signal, labeling opponents as “undermining the president.”
- The GENIUS Act requires regulations from multiple US agencies and is set to take effect in January 2027.
- Hines joined Tether as a strategic adviser in August and became CEO of its US arm shortly after.
The relationship between former officials and crypto companies raises concerns about conflicts of interest, particularly as Hines benefited financially while shaping legislation that affected the industry.
Hines’ involvement with Nxum and Tether highlights potential ethical issues, especially given that Nxum profited significantly during his advocacy for the stablecoin bill valued at $6.3 million.(Source)
