WSJ Probe Links Tether to $6.3M Payments to Former Crypto Council Official
Key Facts
A Wall Street Journal investigation revealed Tether paid $6.3 million to a consulting firm co-owned by Bo Hines. The newspaper reported that these payments occurred while Hines served as executive director of the White House Crypto Council, a position that allowed him to influence the shaping of U.S. stablecoin legislation.
The allegations raise concerns regarding potential conflicts of interest and increased legal risks for Tether, the issuer of USDT, amid ongoing Senate scrutiny. These developments emerge, while previous economic data from October 8, 2026, showed U.S. Initial Jobless Claims reached 197,000.
Latest Updates · 2
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Update: New details emerged showing Bo Hines maintained a one-third ownership stake in his consulting firm, Nxum, while shaping legislation. Hines subsequently departed his White House role to lead Tether’s operations within the United States.
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Update: The investigation identified the consulting firm as Nxum and noted that Bo Hines helped shape the GENIUS Act during that period. The report links these payments to Hines's role in influencing specific industry legislation.