Tether directs millions to Bo Hines' firm while he was in White House
Summary
Tether has reportedly directed "millions of dollars" to a business co-owned by Bo Hines while he was working in the White House, in efforts to promote the Genius Act, according to The Wall Street Journal. This act established federal regulations for issuing and backing dollar-pegged stablecoins in the United States. Following his time in the administration, Tether appointed Hines to lead its US operations, as the company seeks to expand its presence in the US market by complying with the new stablecoin legislation and launching a domestic stablecoin product.
Tokens
$USDT
Analysis
Tether: Tether is the issuer of the USDT stablecoin, the largest by market presence in the crypto industry. In the context of this news, Tether engaged in business dealings with a firm co-owned by Bo Hines during the push for stablecoin legislation and subsequently hired Hines to head its US operations after the Genius Act became law. Bo Hines: Bo Hines served as a crypto adviser in the Trump White House and played a leading role in advancing the Genius Act on stablecoin regulation. In this news, while in government he maintained ties to a consulting firm that received payments from Tether, and after leaving the administration he was appointed to lead Tether's US business and stablecoin initiatives. Hiring: Tether appointed a former White House crypto official to oversee its US strategy and launch of a domestic stablecoin product. Expansion: Tether has pursued re-entry into the US market through partnerships and compliance with new stablecoin legislation. Regulation: The Genius Act established federal rules for issuing and backing dollar-pegged stablecoins in the United States.
Categories
cryptopolitics
Related sources
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- https://www.wsj.com/finance/currencies/tether-stablecoin-genius-act-e403a59b
- https://en.wikipedia.org/wiki/Bo_Hines
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- https://www.kucoin.com/news/flash/tether-paid-over-6m-to-firm-linked-to-former-white-house-crypto-advisor