White House Crypto Adviser’s Company Financially Benefitted from GENIUS Act: WSJ
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Article Content:
White House Crypto Adviser’s Company Financially Benefitted from GENIUS Act: WSJ
Written by Turner Wright (staff writer) and edited by Robert Lakin (staff editor)
Ex-Trump crypto adviser profited after helping pass stablecoin bill: WSJ
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Published: October 15, 2026
The Wall Street Journal reported that a company co-founded by Bo Hines, who previously served as a crypto adviser to US President Donald Trump and later joined stablecoin issuer Tether, benefited from the passage of the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act.
According to the report, Hines held a one-third stake in Nxum, the investment company he co-founded, while lobbying US lawmakers to pass the bill. Nxum received $6.3 million as part of a deal with Tether, behind the USDt (USDT) token, during Hines' tenure at the White House.
The report claims Hines maintained contact with Nxum partners through Signal while serving as Trump's crypto adviser, updating them on the GENIUS Act's progress. He also allegedly urged Nxum partners to label Republican lawmakers opposing the 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.
This reported deal highlights accusations that Trump and his associates are personally profiting from laws they help draft and pass. Trump disclosed earning $1.4 billion from digital asset investments in 2025, including millions from his family's crypto company, World Liberty Financial, behind the USD1 stablecoin.
The GENIUS Act, signed into law in July 2025, requires rules from government agencies overseeing stablecoins, with full implementation scheduled for January 2027.
Cointelegraph reached out to Tether for comment on the WSJ report but did not receive an immediate response.
'Revolving door' of US policymakers to crypto companies continues. Several figures previously in government have left to become executives or advisers to digital asset companies, including Hines joining Tether and Summer Mersinger, a former commissioner with the US Commodity Futures Trading Commission (CFTC).