Ex-Trump Crypto Adviser Profited from Stablecoin Bill Passage, Report Says

Bo Hines’ Dual Role Sparks Controversy

Bo Hines, once a crypto adviser to then-US President Donald Trump, owned a one-third stake in the investment firm Nxum while lobbying for the passage of the GENIUS Act—a bill aimed at regulating US stablecoins.

During the push for this legislation, Nxum secured $6.3 million from Tether, the issuer behind the USDT token, with initial payments made while Hines was still serving in the White House.

Influence Tactics and Career Shift to Tether

According to The Wall Street Journal, Hines kept in close contact with Nxum partners using encrypted messaging to update them on the bill’s progress.

He encouraged partners to brand Republican opponents of the stablecoin legislation as undercutting President Trump and influenced by Democratic-linked entities such as Coinbase and a16z.

In August 2025, Hines joined Tether as a strategic adviser, becoming CEO of its US division the following month.

Conflicts of Interest and the GENIUS Act's Passage

This arrangement has intensified scrutiny over allegations that Trump and his associates leveraged their political roles for personal financial gain.

Trump declared $1.4 billion in 2025 from crypto-related investments, including millions from World Liberty Financial, the family’s company behind the USD1 stablecoin.

The GENIUS Act successfully passed Congress and was signed into law in July 2025 during a ceremony attended by leading cryptocurrency figures, including those representing Tether and Circle. Hines was personally acknowledged by Trump during the event.

Despite being signed into law, the GENIUS Act's implementation requires regulatory frameworks from agencies like the OCC, FDIC, Federal Reserve, and Treasury. The law’s effective date is set for January 2027.

Ongoing ‘Revolving Door’ Between Regulators and Crypto Firms

Hines is one of several former US officials transitioning into crypto roles.

Former CFTC commissioner Summer Mersinger resigned early to become CEO of the crypto advocacy group Blockchain Association.

Solidus Labs recently appointed Kevin Webb, ex-senior counsel at CFTC, as vice president of policy, joining previous CFTC commissioner Dawn Stump who became a strategic adviser in 2022.