Ex-Trump crypto adviser profited after helping pass stablecoin bill: WSJ
Summary
A Wall Street Journal report says former Trump crypto adviser Bo Hines retained a one-third stake in Nxum while advocating for the GENIUS Act. Nxum reportedly received $6.3 million under a deal with Tether, with an initial payment made while Hines remained in government. He allegedly shared legislative updates with Nxum partners and urged them to criticize lawmakers opposing the bill. Hines later joined Tether as an adviser and became CEO of its US arm. The report raises conflict-of-interest concerns amid scrutiny of officials moving between government and crypto firms. The GENIUS Act became law in July 2025 and is scheduled to take effect in January 2027, after agencies issue implementing rules.
