Former Trump crypto adviser’s Tether-linked stake drew gains tied to stablecoin law, WSJ reports

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Highlights

Hines held a one-third stake in Nxum, which received $6.3 million from Tether as he advocated for the GENIUS Act while in government.
Hines communicated bill progress to Nxum partners via Signal during his Trump administration tenure and later joined Tether as U.S. chief executive in September 2025.
The GENIUS Act, passed and signed in July 2025 with crypto executives present, takes effect in January 2027 and adds to scrutiny over U.S. revolving-door practices in digital assets.

Reported links between policy role and private gains

As reported by Cointelegraph, citing The Wall Street Journal, Hines held a one-third stake in investment firm Nxum while advocating for passage of the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act. The report said Nxum received $6.3 million under a deal with stablecoin issuer Tether, and that the first payment was made while Hines was still serving in government.

The newspaper also said Hines remained in contact with his Nxum partners through the Signal app during his time as President Donald Trump’s crypto adviser, updating them on the bill’s progress. It reported that he urged a partner to describe Republican lawmakers opposing the measure as "undermining the president" and as being influenced by Coinbase and Andreessen Horowitz, known as a16z.

Hines later joined Tether as a strategic adviser in August 2025 and became chief executive of its U.S. arm the following month. Tether did not immediately respond to a request for comment on the accusations described in the report.

Stablecoin law rollout and broader revolving-door concerns

The reported arrangement is adding to criticism that Trump, his family and people in his orbit are personally benefiting from crypto policies they help shape. Trump disclosed earning $1.4 billion from digital-asset-linked investments in 2025, including millions of dollars from family crypto venture World Liberty Financial, which is tied to the USD1 stablecoin.

The GENIUS Act passed Congress and was signed into law in July 2025 at a ceremony attended by cryptocurrency executives, including figures from Tether and Circle. Although the law is already on the books, it still requires implementing rules from agencies including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Treasury Department, and it is scheduled to take effect in January 2027.

The case also fits a wider pattern of former U.S. officials moving into digital asset roles. Former Commodity Futures Trading Commission commissioner Summer Mersinger left before the end of her term to become chief executive of the Blockchain Association, while Solidus Labs said Wednesday that former CFTC senior counsel Kevin Webb is joining as vice president of policy.

Our earlier coverage of executive pay trends at South Africa’s JSE Top 200 companies noted a sharp rise in variable compensation, with short- and long-term incentives for CEOs and CFOs growing much faster than fixed pay. We also highlighted how new Companies Act rules introduced tougher disclosure on pay gaps and a binding shareholder vote that can restrict non-executive directors’ roles on remuneration committees if pay reports are repeatedly rejected.

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