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Tether paid more than $6 million to Nxum, a consulting firm co-founded by former White House crypto adviser Bo Hines, raising potential conflict-of-interest concerns, The Wall Street Journal reported.
According to the report, Nxum entered a business relationship with Tether while Hines was working at the White House to advance the GENIUS Act, a U.S. stablecoin bill. The more than $6 million paid by Tether was distributed among three partners at the firm, the report said. Hines had stepped back from Nxum’s day-to-day management while serving at the White House, but he remained in discussions with business partners about the GENIUS Act via Signal, according to WSJ.