The Wall Street Journal reported that a company co-founded by Bo Hines, former cryptocurrency adviser to President Donald Trump, benefited from the passage of the GENIUS stablecoin bill. Hines held a one-third stake in the investment firm Nxum, which received $6.3 million as part of a deal with stablecoin issuer Tether, with the first payment going through while he was still serving at the White House. He later joined Tether as a strategic adviser in August 2025, before becoming CEO of its US arm in September. The GENIUS Act was signed into law in July 2025 in a ceremony attended by many cryptocurrency executives, including those behind Tether and Circle, and is scheduled to go into effect in January 2027.
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