White House · Donald Trump · Tether · Wall Street · New York · Fortune Technology
Trump’s former top crypto advisor runs into scrutiny over allegations his firm accepted millions from Tether while he shaped
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A new investigation reports that former White House crypto advisor Bo Hines helped shape a stablecoin law while, at the same time, a consulting firm he co-owned received millions of dollars from Tether, the industry’s biggest player.
Key facts
- The investigation, conducted by the Wall Street Journal, found that Nxum, a consulting firm Hines cofounded in 2022, earned $6.3 million under a deal to develop a “strategic brand and public affairs
- Beyond the three founders, its website reportedly listed one employee: chief investment officer Nav Singh, who was sentenced to 21 months in prison in 2018 after pleading guilty to fraud in a bribery
- A potential Tether deal took shape in April 2025, when Peter Vincer, a marketing entrepreneur who had worked with Nxum on previous business deals, arranged for Todd Hines and Dennis to meet Tether
- Payments began while Hines, then 29, was leading the White House push for the Genius Act, a law regulating stablecoins, or dollar-pegged cryptocurrencies
Summary
The investigation, conducted by the Wall Street Journal, found that Nxum, a consulting firm Hines cofounded in 2022, earned $6.3 million under a deal to develop a “strategic brand and public affairs plan” for El Salvador–based Tether. Hines left the White House weeks after President Donald Trump signed the bill into law in July 2025. The controversy surrounding Hines adds to scrutiny of potential conflicts of interest between the Trump administration’s crypto policies and the private business interests of the president and his advisors. Hines cofounded Nxum in 2022 with his father, Todd Hines, and marketing executive Gary Dennis, with each partner holding equal ownership stakes.