INV-049 · Money & ethics · Conflicts of interest
Ex-crypto adviser Bo Hines, his firm and Tether's payments
Stage 1 of 5: Reported · News reporting only · Last development 22 Oct 2026
Bo Hines led the White House crypto council from January to August 2025 while the GENIUS Act, the new stablecoin law, was negotiated. The Wall Street Journal reports that he kept a one-third stake in Nxum, a consulting firm he co-founded, and that Tether, the largest stablecoin issuer, paid Nxum about $6.3 million under a branding and public-affairs contract, with the first payment made while Hines was still in government. The Journal also reports Signal messages in which Hines updated his Nxum partners on the bill while they were in touch with Tether's CEO, and that he argued for a longer compliance window that helped foreign issuers like Tether. Hines joined Tether in August 2025 and now runs its U.S. business.
The Wall Street Journal article is paywalled; the details here come from trade-press summaries of it. Nxum says Hines recused himself, held only a passive stake and received no Tether-related money while in government. No official inquiry or finding has been made public.
- People
- Bo Hines, Nxum, Tether, Paolo Ardoino
- Agencies
- White House
- Reviewed by
- None yet
Money involved
- $6.3 million Tether payments to Nxum, a firm in which Hines held a one-third stake (WSJ, as summarized) (Money to the president, his family or officials) [2]
Timeline
Sen. Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations, asks Tether CEO Paolo Ardoino for contracts, payments and communications with Nxum and Bo Hines, citing WSJ reporting of over $6 million paid, including $415,000 a month agreed in May 2025; answers due 3 November. [4]
The Wall Street Journal reports that Tether paid Nxum about $6.3 million, starting while Hines held a one-third stake and worked at the White House. [1]
Tether hires Hines, days after he leaves the White House, as strategy adviser; he later becomes CEO of its U.S. business. [3]
Trump signs the GENIUS Act, which sets federal rules for stablecoin issuers. [2]
Responses
- Nxum: Told the Journal Hines recused himself from company affairs, kept only a passive stake and received no Tether-derived payments while in government. [2]
Who is acting on it
- Letter Sen. Richard Blumenthal (D-CT): Asked Tether for its contracts, payments and communications with Bo Hines and his firm Nxum; answers due 3 Nov 2026 (22 Oct 2026, No reply or result recorded yet)
Sources
Cite this case
Public Trust Tracker. "Ex-crypto adviser Bo Hines, his firm and Tether's payments" (INV-049). Last updated 22 Oct 2026. https://publictrusttracker.org/case/inv-049-ex-crypto-adviser-bo-hines-his-firm-and-tethers-payments/
Suggest a fact check