Tether transferred over $6.3 million to consulting firm Nxum under a May 2025 agreement while Nxum co-owner Bo Hines served as executive director of the White House digital assets council. While advocating for the GENIUS Act regulating stablecoins like Tether's USDT, Hines exchanged Signal messages with Nxum partners about the bill. Hines left government in August 2025 and became CEO of Tether's U.S. operations in September 2025.
Tether payments to Nxum
- ▪The initial payment from Tether to Nxum arrived while Bo Hines was actively serving in his White House administration post
- ▪Tether sent approximately $6.3 million to consulting firm Nxum under a deal brokered in May 2025, according to internal documents, messages, and payment records
- ▪Payment records showed that Tether's payments to Nxum were divided among Nxum's three partners, including Bo Hines, who maintained a one-third ownership stake in the firm
Ethics scrutiny and Nxum's response
- ▪Consulting firm Nxum stated that Bo Hines had stepped back from daily operations and maintained no active involvement with Tether while serving as executive director of the White House's digital assets council
- ▪The $6.3 million in financial transfers from Tether to consulting firm Nxum while Bo Hines advocated for the GENIUS Act raised conflict-of-interest scrutiny regarding his dual involvement in government policy and private consulting
Hines' White House role and activities
- ▪While working at the White House, Bo Hines participated in a Signal group chat with his two Nxum partners, discussing legislative developments and relaying GENIUS Act talking points while his two Nxum partners communicated with Tether's chief executive
- ▪Bo Hines served as executive director of the White House digital assets council from January to August 2025
Bo Hines joins Tether leadership
- ▪Tether appointed Bo Hines as Chief Executive Officer of its United States operations in September 2025 to lead the company's domestic expansion
- ▪Bo Hines left his White House post in August 2025 and joined Tether as a strategic advisor that same month
GENIUS Act regulation of Tether
- ▪President Donald Trump signed the GENIUS Act into law in July 2025, establishing federal rules for dollar-pegged stablecoins
- ▪Tether issues USDT, the largest dollar-pegged stablecoin, placing its business directly under the regulatory oversight established by the GENIUS Act
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