Ex-Trump crypto adviser profited after helping pass stablecoin bill: WSJ

The Wall Street Journal reported that a company co-founded by Bo Hines benefited from the passage of the GENIUS stablecoin bill. Bo Hines, previously a crypto adviser to US President Donald Trump who later joined stablecoin issuer Tether, reportedly kept a stake in a company that profited from the passage of a stablecoin bill when he was still at the White House. According to a Wednesday report from The Wall Street Journal, Hines >had a one-third stake in the investment company he co-founded, Nxum, while pushing US lawmakers to pass the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act. The legislation reportedly came amid Nxum receiving $6.3 million as part of a deal with stablecoin issuer Tether, behind the USDt (USDT) token, with the first payment going through while Hines was still serving in government. The Wall Street Journal reported that Hines kept in contact with his partners at Nxum, updating them on progress with the GENIUS Act through the Signal app while serving as Trump’s crypto adviser. He also reportedly pressed the Nxum partners to label any Republican lawmakers opposing the stablecoin bill as “undermining the president” and “bought and paid for by democratic shills like Coinbase and a16z.” Hines joined Tether as a “strategic adviser” in August 2025, becoming CEO of its US arm the following month. The reported deal between a former White House official and a crypto company continues to shine a spotlight on accusations that Trump and his family and staff are personally benefitting from laws they help to draft and pass. The president disclosed earning $1.4 billion from investments tied to digital assets in 2025, which included millions of dollars from his family’s crypto company World Liberty Financial, behind the issuance of the USD1 stablecoin. Related: EU lawmakers push crypto onto anti-corruption agenda The GENIUS Act passed Congress and was signed into law in July 2025 in a ceremony attended by many cryptocurrency executives, including those behind stablecoins like Tether and Circle. Hines was in attendance and personally recognized by Trump at the event. Though it was signed into law in 2025, the GENIUS stablecoin bill requires rules from government agencies overseeing the tokens, including the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve Board and Treasury Department. The law is scheduled to go into