Trump adviser under fire after millions of payments from crypto giant Tether
Trump adviser Bo Hines is under fire. His company received millions from Tether while he was working on US crypto legislation.
A former crypto advisor to Donald Trump is under fire after revelations about his ties to Tether, the company behind the world's largest stablecoin. While Bo Hines was working on major U.S. crypto legislation from the White House, a company he co-owned received millions of dollars through Tether. Shortly after the law was passed, Hines got a top job at the crypto giant.
This is according to research by The Wall Street Journal, which has examined internal documents, messages and crypto transactions. The revelations raise questions about possible conflicts of interest within the Trump administration.
Hines was appointed as Trump's crypto advisor in early 2025. He played an important role in the creation of the GENIUS Act, a law that establishes clear American rules for stablecoins. These are crypto coins whose value is linked to, for example, the US dollar.
At the same time, his company Nxum did business with Tether, the publisher of Tether (USDT). Hines founded Nxum in 2022 with his father Todd Hines and business partner Gary Dennis. Each owned a third of the company. When Hines joined the White House, he withdrew from day-to-day operations but retained his shares.
In April 2025, his father and Dennis met Tether's CEO, Paolo Ardoino, in New York. Shortly thereafter, an agreement was concluded for marketing and advocacy. Tether would pay $415,000 per month for at least two years.
The first payment of $2.49 million followed on May 11, 2025. The money was largely forwarded to Nxum through an intermediary. Direct payments followed later. According to The Wall Street Journal, Nxum earned a total of $6.3 million through the agreement.
The financial ties are striking because of the role Hines played in the GENIUS Act. The law was signed by Trump on July 18, 2025 and determines the conditions under which stablecoin companies may operate in the United States.
An important point of discussion was how much time crypto exchanges would be given to phase out stablecoins that do not comply with the new rules. Democrats and some US crypto companies wanted eighteen months. According to those involved, Hines pleaded for 36 months.
That longer transition period was especially beneficial for Tether. This would give the company more time to comply with US regulations, without having to make major changes immediately.
Signal messages also show that Hines kept in touch with its business partners during the negotiations. When Republican Congressmen threatened to block the bill, he shared arguments to pressure them. Meanwhile, his business partners were in touch with the top of Tether.
A few weeks after Trump signed the GENIUS Act, Hines announced his departure from the White House. In September 2025, he was appointed CEO of Tether's new US division.
A representative of Nxum denies that Hines was aware of the payments during his government position. According to the spokesperson, he did not interfere with the business activities and did not receive any money from Tether at the time. Also, his switch to Tether would not have been arranged in advance.
Tether didn't respond to questions from The Wall Street Journal. The White House stressed that employees must adhere to the applicable ethical rules.
According to Cynthia Brown, expert in government ethics at watchdog CREW, U.S. government officials are typically not allowed to work on issues where they themselves have a financial interest.