Allegations have been raised that Bo Hines (보 하인스), former cryptocurrency adviser to U.S. President Donald Trump, held a stake in an investment firm that profited from Tether while he was pushing for passage of a stablecoin bill during his time at the White House.

Foreign media including blockchain outlet Cointelegraph and the Wall Street Journal reported on Tuesday that Nxum, an investment firm co-founded by Hines, received $6.3 million under a contract with stablecoin issuer Tether. The first payment was made while Hines was in public office, the reports said.

The key issue is that Hines still held a one-third stake in Nxum when he was urging Congress to pass the Genius Act. The Genius Act, aimed at establishing a U.S. stablecoin regulatory framework, was enacted after passing Congress in July 2025 and being signed by President Trump. Hines attended the signing event, and Trump mentioned him directly.

Hines is also known to have kept in contact with Nxum partners while working at the White House. Using the Signal app, he shared updates on the push for the Genius Act and allegedly pressured them to label Republican lawmakers opposing the bill as "those defying the president." Reports also cited remarks describing them as people bought by Democratic-side proxies such as Coinbase and a16z.

Hines later joined Tether as a strategic adviser in August 2025 and became chief executive of Tether's U.S. unit the following month. With his stakeholding during the legislative push, payments made while he was in office and his post-government move to Tether overlapping, whether there was a conflict of interest in the performance of public duties has become a focus of controversy.

The allegations are also linked to criticism that members of the Trump family and aides are gaining private benefits from digital asset businesses tied to laws they directly drafted or helped pass. President Trump disclosed that he earned $1.4 billion from digital asset investments in 2025. That included income linked to the Trump family's crypto company World Liberty Financial (WLFI) and USD1.

The Genius Act does not take effect immediately upon the president's signature. Detailed rules must be prepared by related agencies including the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp (FDIC), the Federal Reserve Board (FRB) and the Treasury Department. Implementation is scheduled for January 2027, and the specific market impact could vary depending on follow-up rules.

Cases of former U.S. regulators moving to digital asset companies and industry groups are also continuing. Summer Mersinger, a former commissioner at the U.S. Commodity Futures Trading Commission (CFTC), resigned three years before the end of her term and moved to become CEO of the Blockchain Association. Solidus Labs also said it hired Kevin Webb, a former CFTC adviser, as vice president of policy.

As the full rollout of the stablecoin regulatory framework approaches, the interests and post-office moves of public officials involved in legislation are also being examined. The allegations surrounding Hines are also expected to leave the key question of what relationship existed between his public role during the bill push and private business interests.