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.