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.
The Wall Street Journal disclosed that Bo Hines, a former crypto adviser to US President Donald Trump, profited from the passage of the GENIUS stablecoin bill. Hines, who co-founded the investment company Nxum, held a one-third stake in the firm while lobbying US lawmakers to approve the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act.
The legislation, which came to fruition amid Nxum receiving $6.3 million from stablecoin issuer Tether, was signed into law in July 2025. Hines continued to maintain contact with his Nxum partners, updating them on the bill's progress via the Signal app. He also pressured Nxum partners to label any Republican lawmakers opposing the bill as "undermining the president" and "bought and paid for by democratic shills like Coinbase and a16z."
Hines later joined Tether as a strategic adviser in August 2025, becoming its CEO the following month. The deal between Hines and Tether has fueled accusations that Trump and his associates are benefiting personally from laws they help to create.
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