Crypto Lobbyist Cashes In On Stablecoin Bill
Key Summary
A company co-founded by a former Trump crypto adviser profited from the passage of the GENIUS stablecoin bill, sparking accusations of insider trading and favoritism. The company received $6.3 million from Tether as part of a deal to push the legislation, and its CEO kept a stake in the company while serving in the White House.
Key Findings
The Wall Street Journal reported that Nxum, a company co-founded by Bo Hines, a former Trump crypto adviser, profited from the passage of the GENIUS stablecoin bill.
Background
Hines was a crypto adviser to US President Donald Trump who later joined stablecoin issuer Tether.
The legislation was passed in July 2025 and requires rules from government agencies overseeing the tokens.
Entities
Nxum, Tether, US government, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve Board, Treasury Department
A company co-founded by a former Trump crypto adviser profited from the passage of the GENIUS stablecoin bill. The company received $6.3 million from Tether as part of a deal to push the legislation. Hines kept a stake in the company while serving in the White House.
A photo of a person in a suit, holding a tablet with a screenshot of the GENIUS stablecoin bill, with a cityscape in the background, symbolizing the intersection of politics and finance.