A new investigation reports that former White House crypto advisor Bo Hines helped shape a stablecoin law while, at the same time, a consulting firm he co-owned received millions of dollars from Tether, the industry’s biggest player. Hines then joined Tether’s new U.S. division shortly after leaving the government.
The investigation, conducted by the Wall Street Journal, found that Nxum, a consulting firm Hines cofounded in 2022, earned $6.3 million under a deal to develop a “strategic brand and public affairs plan” for El Salvador–based Tether. Payments began while Hines, then 29, was leading the White House push for the Genius Act, a law regulating stablecoins, or dollar-pegged cryptocurrencies. He reportedly stepped back from managing the firm when he joined the administration but kept his one-third ownership stake.
