Trump crypto adviser reportedly kept Nxum stake during bill push

Bo Hines, a former crypto adviser to President Donald Trump, reportedly retained a one-third stake in Nxum, an investment company he co-founded, while promoting the Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act.

Nxum received $6.3 million from stablecoin issuer Tether under a deal connected to the legislation. The first payment reportedly arrived while Hines was still working at the White House.

While serving as Trump’s crypto adviser, Hines stayed in contact with Nxum’s partners through Signal and provided updates on the bill’s progress. He also reportedly urged the partners to describe Republican lawmakers who opposed the bill as “undermining the president” and “bought and paid for by democratic shills like Coinbase and a16z.”

The report did not indicate whether Hines disclosed his Nxum stake while working on the legislation.

Congress passed the GENIUS Act, and Trump signed it into law in July 2025. The signing ceremony was attended by cryptocurrency executives, including representatives of Tether and Circle. Hines attended the event and was recognized by Trump.

The law creates a federal framework for stablecoins, including rules for issuers and requirements for the assets backing the tokens. It is scheduled to take effect in January 2027 after the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Treasury Department issue additional regulations.

Hines joined Tether as a strategic adviser in August 2025 and became chief executive of its US arm the following month. Tether issues USDT, the largest stablecoin by market capitalization. Tether did not immediately respond to a request for comment on the Nxum deal or Hines’ stake.

The reported arrangement comes as Trump and members of his administration face scrutiny over financial ties to cryptocurrency companies. Trump disclosed $1.4 billion in income from digital-asset-related investments in 2025, including millions of dollars linked to World Liberty Financial, the Trump family’s crypto venture that issues the USD1 stablecoin.

Other former US officials have joined crypto companies and advocacy groups. Summer Mersinger, a former commissioner of the Commodity Futures Trading Commission, left the agency before the end of her term to become CEO of the Blockchain Association. Solidus Labs announced that Kevin Webb, a former CFTC senior counsel and adviser to former Commissioner Brian Quintenz, would become its vice president of policy. Former CFTC Commissioner Dawn Stump joined Solidus Labs as a strategic adviser in 2022.