Tether, former White House official Bo Hines, and the gray interest chain of consulting firm Nxum.

Written by: angelilu, Foresight News

On May 11, 2025, a transfer of $2.49 million in USDT was made from Bitfinex to the account of marketer and business intermediary Peter Vincer. According to the latest records disclosed by The Wall Street Journal, Vincer retained $498,000 of that amount, while the remainder was transferred to a wallet used by the consulting firm Nxum.

At that time, Nxum’s co-founder Bo Hines was advocating for the U.S. stablecoin legislation known as the GENIUS Act at the White House. He stepped back from the day-to-day management of the company but retained one-third ownership. The financial backer of this money, Tether, happens to be the stablecoin issuer that the legislation would directly impact.

More than a year later, The Wall Street Journal, through internal documents, chat records, payment records, and informed sources, revealed more details of this collaboration: Nxum received approximately $6.3 million in earnings from arrangements related to Tether, with the first payment occurring during Hines’s tenure, and subsequent payments continuing after his departure.

This provided Hines with an additional funding lead that was previously unknown to the public as he transitioned from the White House to Tether’s “revolving door.”

Who ultimately benefits from the initial funds routed through intermediaries?

Nxum was co-founded by Bo Hines, his father Todd Hines, and marketer Gary Dennis around 2022, with each holding one-third of the shares.

According to The Wall Street Journal, in April 2025, Hines's father met with Dennis in New York to engage Tether CEO Paolo Ardoino, with Vincer serving as the intermediary for this meeting. Subsequently, a proposal under Nxum’s name was sent to Ardoino, which included strategic lobbying, public relations, and media promotion, led by Nxum.

The final signed contract omitted the term “lobbying,” and the signing party was not Nxum, but Vincer’s marketing company Notorious.

The contract stipulated that Tether would pay $415,000 per month, with payments made every six months, for a cooperation period of at least two years. The $2.49 million in May 2025 was the first payment for six months. After deducting the amount retained by Vincer, about $1.992 million was transferred to the wallet used by Nxum, where it was subsequently divided into three portions. The report did not confirm the final personal beneficiaries of these three payments.

Nxum's representative clearly denied that Hines was aware of or involved in Tether's business during his tenure and also denied that he received any funds from Tether during his time in office. The representative stated that Hines had avoided company business after joining the government and retained passive investments, and related ethical rules did not require him to sell his shares.

The payments did not end with Hines's departure from the White House. Reports indicate that in December 2025 and April 2026, wallets controlled by Nxum again directly received $2.49 million in USDT from Bitfinex. Vincer stated that after Hines departed, he transferred the contract directly to Nxum.

About $6.3 million is the cumulative revenue Nxum obtained from this collaboration, covering both Hines's tenure and after his departure. The report did not specify how much of the company’s revenue ultimately belonged to Hines. However, while he was still involved in formulating stablecoin rules, the company he owned shares in had already begun generating income from businesses impacted by those rules.

While Tether spends money, the legislation determines its U.S. business

The sensitivity of the consulting firm’s revenue lies in the overlap between this business and Hines's public office.

According to The Wall Street Journal, citing individuals involved in the negotiations, Hines had pushed to extend the relevant transition window from 18 months to 36 months. The report specifically involves a deadline by which trading platforms must gradually stop offering non-compliant stablecoins. For Tether, which needed more time to adjust its business, a longer window could alleviate the impact on its operations.

Whether there was a quid pro quo between this payment and the alteration of terms has not been clarified. However, two timelines intersect here: Tether pays for projects involving Nxum, while Nxum’s shareholders push for rules that may affect Tether's interests within the government.

The chat records disclosed by the report further specify this connection.

In June 2025, the legislation faced obstacles in Congress. Hines's father relayed the legislative progress to Dennis and mentioned that he had interacted with Tether’s head of government affairs, Jesse Spiro, and that he had received a call from Ardoino expressing concerns about the legislation's prospects.

Subsequently, Bo Hines communicated to his father and Dennis the propaganda lines against Republican internal dissenters in a Signal group chat named “Nxum.”

Nxum's explanation is that Hines discussed only public information; the extension of the transition period also stemmed from multiple parties’ negotiations, rather than personal decisions. Their representative also stated that Tether could have already leveraged its market position to pursue a longer transition period without the need for payment arrangements.

Thus, the controversy centers on Hines's dual identity: he stepped back from day-to-day management of the company but retained his share and continued discussions with partners about legislative progress. Nxum believes these arrangements separate government business from company operations, but the financial and communication records disclosed raise questions about this separation.

The Wall Street Journal reported that Tether did not respond to its requests for comment. The White House stated that Hines was no longer employed and emphasized that the government requires employees to comply with applicable federal ethical regulations.

Ten days after leaving the White House, he became a Tether advisor

Hines's transition to Tether was even more rapid than “becoming CEO of U.S. operations the following month after his departure.”

On July 18, 2025, the GENIUS Act was signed into law. On August 9, Hines announced his departure from the White House. Just ten days later, Tether issued an announcement appointing him as a strategic advisor for digital assets and U.S. strategy, effective immediately, to participate in U.S. market strategy and expansion, and to establish connections with policymakers and industry stakeholders.

Hines and Tether CEO Paolo Ardoino attended the signing ceremony of the GENIUS Act at the White House. (Image source: Al Drago/Bloomberg News)

On September 12, when Tether announced the U.S. stablecoin USAT program, it announced that Hines would serve as Tether USAT CEO. The announcement particularly emphasized his policy experience and understanding of U.S. regulatory priorities.

According to The Wall Street Journal's citation of real estate records, shortly after joining Tether, Hines exchanged a residence worth about $1.4 million near Charlotte, North Carolina, for a home in the same area valued at approximately $3.3 million and covering about 9,000 square feet.

The report also cited individuals who had met with the Hines family, stating that after Bo Hines left the White House, he began traveling on private jets with his father Todd Hines and partner Gary Dennis. In January 2026, a Hawker 900XP aircraft, typically priced between $4 million and $5 million, was registered at Todd Hines's residential address. The report did not disclose the source of the funds used to purchase the aircraft.

From promoting legislation to joining a business affected by that law, Hines’s career transition has long attracted attention. This investigation further pulls public focus back to his tenure: before he officially became a Tether advisor, the business connection between the two had already been established through Nxum.

Beyond U.S. operations, Tether is also adjusting its management team

Before and after Hines's joining, Tether is also enhancing its financial and business management talent. In March 2025, the company appointed Simon McWilliams as chief financial officer, responsible for driving a comprehensive financial audit, while former CFO Giancarlo Devasini transitioned to group chairman, focusing on macroeconomic strategy. In September of the same year, Benjamin Habbel, who had worked at Google and led alternative asset management firm Limestone Capital, was appointed chief business officer, overseeing organizational growth, finance, investments, and portfolio expansion. These appointments span different functions required for Tether's expansion: Hines participates in U.S. market layout, while other executives take on financial governance and business investment roles.

Entering 2026, the investment management team also experienced a transition. On March 12, Tether announced that Deputy Chief Investment Officer Zachary Lyons would be promoted to CIO, while former CIO Richard Heathcote exited daily management for personal and family reasons, transitioning to a non-executive advisor role. More directly related to this investigation is government affairs head Jesse Spiro: he joined Tether from PayPal in September 2024 and was responsible for communications with legislators, regulators, etc.; he subsequently became president of Fellowship PAC, which has also become a client of Nxum.

Aside from consulting fees, there are also political advertisements and proposed equity investments

According to The Wall Street Journal, Nxum was involved in the launch of the Fellowship PAC, which supports the cryptocurrency industry. Federal disclosure documents cited in the report indicate that the organization has paid Nxum over $6.5 million for services such as issue advocacy advertising.

This portion of revenue comes from the PAC and is part of a different business than the consulting cooperation with Tether. However, Spyro, who serves as PAC president, connects Tether’s government affairs team with Nxum’s political advertising business.

The report details that before the PAC was announced, Dennis emphasized to a business contact not to associate the related promotional activities with Tether, Nxum, or Bo Hines. Nxum’s representatives explained that the political action committee sought to gain broad support and thus did not want to be tied to specific companies or individuals.

The business relationship between the two parties could also deepen further. The report disclosed that Nxum recently showcased financing materials to potential investors, listing Tether as a cornerstone investor, stating that it would purchase 25% of the company’s equity for $56 million.

Unlike the approximately $6.3 million in business revenue Nxum has already obtained, this $56 million equity investment is currently only seen in financing materials and has yet to be confirmed as complete. If realized, Tether would transition from being a business partner of Nxum to its shareholder.

Hines's departure and subsequent joining of Tether is no longer news. The new issue exposed by this revelation is: while he was still involved in the White House in formulating stablecoin rules, Tether had already begun paying money to the company in which he held shares. Nxum denies that Hines was aware or received funds during his tenure, but the boundary of how this business overlaps with his public duties still needs clarification.