Former Trump Crypto Adviser Held Stake in Tether-Linked Firm While Pushing Stablecoin Bill
JH Kim
Summary
- Bo Hines reportedly held roughly a one-third stake in Nxum, a company that did business with Tether, while pushing stablecoin-related legislation.
- Nxum reportedly received $6.3 million through a transaction with Tether.
- Questions about a possible conflict of interest have been raised because Hines' equity stake and his push for stablecoin-related legislation occurred at the same time, though no legal violation has been confirmed.
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 on October 15.
Hines urged the U.S. Congress to pass the GENIUS Act while holding roughly a one-third stake in Nxum, according to the crypto news outlet.
Nxum received $6.3 million through a transaction with Tether, the report said.
The arrangement could raise conflict-of-interest questions because Hines was promoting stablecoin-related legislation while holding an interest in a company that was transacting with a stablecoin issuer. Still, the information disclosed so far does not establish whether Hines violated any laws.
JH Kim
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