Former Trump Crypto Adviser Held Stake in Tether-Linked Firm While Pushing Stablecoin Bill
Summary
- Hines was reported to have held roughly one-third of Nxum, a company that did business with Tether, while he was pushing stablecoin-related legislation.
- Nxum was reported to have received $6.3 million through transactions with Tether.
- The report said the matter could raise potential conflict-of-interest questions because Hines was pursuing related legislation while a company in which he held a stake was doing business with a stablecoin issuer.
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Bo Hines, a former cryptocurrency adviser to U.S. President Donald Trump, held a stake in a company that did business with Tether while he was pushing stablecoin legislation, Cointelegraph reported.
Cointelegraph reported on Oct. 15 that Hines urged Congress to pass the GENIUS Act while holding roughly one-third of Nxum.
Nxum received $6.3 million through transactions with Tether, the report said.
The arrangement could raise conflict-of-interest questions because Hines promoted related legislation while a company in which he held a stake was dealing with a stablecoin issuer. Based on the information currently available, however, it has not been established whether Hines violated any laws.
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