Trump's Former Crypto Adviser Profits After Helping Pass Stablecoin Bill: WSJ

The Wall Street Journal reported that a company founded by Bo Hines has profited from the passage of the GENIUS stablecoin bill.

The Wall Street Journal reported that the company founded by Bo Hines benefited from the passage of the GENIUS stablecoin bill.

Beau Hines, who was formerly a cryptocurrency advisor to US President Donald Trump and later joined stablecoin publisher Tether, reportedly retained a stake in a company that would benefit from the passage of a stablecoin bill while he was still in the White House.

Hines held a one-third stake in his investment company, Nxum, as he pushed US lawmakers to pass the National Innovation Direction and Creation for US Stablecoins Act, or GENIUS, the Wall Street Journal reported Wednesday. The law reportedly came amid Nxum receiving $6.3 million as part of a deal with the publisher of stablecoin Tether, the token behind the USDt (USDT) token, the first payment of which was made while Hines was still serving in government.

The Wall Street Journal reported that Hines has been in contact with his partners at Nxum, updating them on the progress of the GENIUS Act through the Signal program while serving as Trump's cryptocurrency advisor.

He also pressured the Nxum partner to label any Republican lawmakers opposed to the stablecoin bill as "undermining the president" and "buying and paying by Democratic shills like Coinbase and a16z." Hines joined Tether as a "strategic advisor" in August 2025 and became CEO of its American arm the following month.

A reported deal between a former White House official and a crypto firm continues to be the focus of accusations that Trump and his family and staff personally benefited from the laws they helped draft and pass. The president revealed $1.4 billion in digital asset investments in 2025, including millions from his family's crypto firm World Liberty Financial, behind the launch of the USD1 stablecoin.

The GENIUS Act passed Congress and was passed in July 2025 at a ceremony attended by many cryptocurrency executives, including those behind stablecoins such as Tether and Circle. Hines attended the event and was personally recognized by Trump.

Although the bill is set to pass in 2025, the GENIUS stablecoin bill requires legislation from government agencies overseeing tokens, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Treasury Department. This law is supposed to come into effect in January 2027.

Cointelegraph reached out to Tether for comment on the allegations in the report, but did not immediately receive a response.

Several former government figures have left the country to become CEOs or advisers to digital asset companies. In addition to Heinz joining Tether, Summer Mersinger, former commissioner of the US Commodity Futures Trading Commission (CFTC), resigned three years before her term was due to expire and was slated to serve as CEO of the blockchain community's crypto advocacy group.

On Wednesday, Solidus Labs announced that Kevin Webb, a former senior counsel at the CFTC and an advisor to former commissioner Brian Quintens, is joining the fintech firm as vice president of policy. Webb isn't the first ex-commissioner at the company, as CFTC Dawnstamp left the agency in 2022 to join Solidus as a "strategic advisor."