Key Highlights
- The Wall Street Journal reported that Tether paid $6.3 million to Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines.
- Hines reportedly retained a one-third ownership stake in Nxum while working on the GENIUS Act, which established a federal regulatory framework for payment stablecoins.
- The Tether contract involved developing a strategic brand and public affairs plan, with a potential arrangement taking shape in April 2025
A Wall Street Journal investigation reported that former White House crypto adviser Bo Hines helped advance stablecoin legislation while a consulting firm he co-owned received millions of dollars from Tether. Hines later joined Tether’s new U.S. division after leaving government service.
According to the WSJ report, published on October 14, Nxum, the consulting firm Hines co-founded in 2022, received $6.3 million from Tether under a contract to develop a “strategic brand and public affairs plan.” The payments reportedly began while Hines was working at the White House to advance the GENIUS Act, legislation establishing a federal framework for payment stablecoins.
Ownership, timeline, and deal formation
Hines reportedly stepped back from managing Nxum after joining the administration but retained his one-third ownership stake, according to the WSJ. He left the White House weeks after President Donald Trump signed the GENIUS Act into law in July 2025. Tether subsequently hired him the following month to lead its U.S. division, while the company continued making payments to Nxum, the report said.
The WSJ reported that Hines co-founded Nxum with his father, Todd Hines, and marketing executive Gary Dennis, with each partner holding an equal ownership stake. The firm described its activities as spanning media, consulting and investments.
The Journal also identified Nxum’s chief investment officer, Nav Singh, as an additional employee listed on the firm’s website. According to the report, Singh was sentenced to 21 months in prison in 2018 after pleading guilty to fraud in a bribery case involving New York’s state pension fund.
A potential arrangement with Tether took shape in April 2025. Peter Vincer, a marketing entrepreneur who had previously worked with Nxum, allegedly arranged a meeting near Central Park in New York between Todd Hines, Gary Dennis, and Tether chief executive Paolo Ardoino. At the time, Bo Hines was working inside the White House to advance the GENIUS Act.
Vincer later sent a draft document titled “Tether Comprehensive Brand Plan” which proposed that Nxum oversee “strategic lobbying and a full-scale public relations and media awareness campaign.” The final contract omitted references to lobbying.
Vincer’s agency, Notorious, signed the agreement with Tether as an intermediary for Nxum. A planning document stated that “Nxum will engage all necessary parties and lead the entire process,” the Journal reported.
Before the 2024 presidential election, Nxum also helped create Restore the Republic, a Trump-themed memecoin. The firm contributed $1 million in billboard advertisements to MAGA Inc., a super PAC supporting Trump.
The Crypto Times reached out to Tether for comment on the matter but had not received a response by the time of publication.
Broader context of crypto interests
The Journal report on Hines adds to scrutiny of connections between the Trump administration’s crypto policies and private business interests.
Trump has publicly supported the crypto industry and advocated for crypto legislation. His family has also launched crypto ventures, including a namesake memecoin and World Liberty Financial, a decentralized finance platform. Trump’s latest financial disclosure showed $1.4 billion in crypto-related wealth, largely tied to those two projects.
In a separate matter, Trump-backed World Liberty Financial has faced questions over its partnership with Hong Kong-based AI company WorldClaw. At the time, Reuters reported that WorldClaw accepts World Liberty’s USD1 stablecoin, while the Trump family owns 38 percent of World Liberty.
Meanwhile, in July, several Senate Democrats called for congressional investigation of President Trump’s cryptocurrency holdings after the financial disclosure showed that the family’s crypto ventures generated more than $1 billion in 2025. The lawmakers sent a letter to Republican-led Senate committees requesting hearings on potential national security risks or conflicts of interest related to foreign investors linked to the ventures.
The Journal’s investigation centers on the timing of Tether’s payments to Nxum, Hines’s retained ownership stake while he worked on stablecoin legislation, and his subsequent employment at Tether. The reported sequence has raised questions about potential conflicts of interest, although the report does not by itself establish that Hines used his government position to benefit the firm or Tether.
