Key facts
- Tether paid $6.3 million to Nxum, a firm co-owned by Bo Hines.
- Hines was involved in shaping US stablecoin law while receiving payments.
- Nxum denies wrongdoing, stating Hines had a passive stake and no knowledge of payments.
- The GENIUS Act, signed in July 2025, is the first federal framework for dollar-backed stablecoins.
- Hines joined Tether in August 2025 after leaving his White House role.
Tether paid $6.3 million to Nxum, a consulting firm co-owned by Bo Hines, while he was serving as a White House crypto adviser and involved in shaping US stablecoin legislation, according to a Wall Street Journal report. The payments began in May 2025, before Hines left his government role in August 2025 to join Tether. Internal messages reviewed by the Journal indicated Hines communicated with his Nxum partners about the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Nxum has denied any wrongdoing, stating Hines held a passive investment stake and was unaware of the payments while in government. The GENIUS Act, signed into law in July 2025, establishes the first federal framework for dollar-backed stablecoins and is set to take effect in January 2027.