Bo Hines, former crypto adviser to the Trump administration, is facing scrutiny over allegations that his consulting firm, Nxum, received millions from Tether while he helped shape stablecoin regulations. According to an investigation by the Wall Street Journal, Nxum earned $6.3 million from Tether under a deal to develop a strategic brand and public affairs plan. Payments began in 2025, while Hines was leading the White House push for the GENIUS Act, a law regulating stablecoins.
Hines reportedly stepped back from managing Nxum when he joined the administration but retained a one-third ownership stake. After leaving the White House in July 2025, he joined Tether’s new U.S. division the following month. The firm continued paying millions to Nxum even after his departure from the government.
The controversy highlights potential conflicts of interest between the Trump administration’s crypto policies and the private business interests of its advisers. Trump has championed the crypto industry, and his family has launched ventures including a memecoin and a decentralized finance platform. Hines’ firm, Nxum, also played a role in creating a Trump-themed memecoin and contributed to a super PAC supporting Trump.
Nxum was co-founded in 2022 by Hines, his father Todd Hines, and marketing executive Gary Dennis. The firm’s website listed just one other employee, Nav Singh, who had been sentenced to prison for fraud in a bribery case. A Tether deal was arranged in April 2025, with marketing entrepreneur Peter Vincer facilitating a meeting between Todd Hines, Dennis, and Tether CEO Paolo Ardoino.