Tether reportedly steered millions to a business Bo Hines co-owned while he worked on stablecoin law

The Wall Street Journal reports, citing messages, internal documents and payment records, that Tether steered millions to Nxum, a business Bo Hines co-owned, while he led the White House push for the Genius Act. The law set rules for dollar-pegged stablecoins. The Journal says Hines discussed legislative developments and relayed talking points to company partners who were communicating with Tether’s chief executive. Tether hired him as its U.S. chief after the law passed.