$6.3 million routed through Bitfinex
The figures stem from an investigative piece by the Wall Street Journal published on October 14, 2026. The report revealed that the deal had been brokered in May 2025 for $415,000 per month payable in installments of six months over a period of at least two years, using Notorious, the marketing firm founded by Peter Vincer.
The first installment of $2.49 million made via Bitfinex occurred on May 11, 2025. Out of the amount, Vincer reportedly retained $498,000 while the remaining money was deposited into the wallet linked to Nxum.
The next two installments, each $2.49 million in value, were received in December 2025 and April 2026. On gross, the three installments totaled $7.47 million; net of intermediary fees, Nxum is said to have pocketed $6.3 million.
The relevance of the May transaction is in its timing. Hines oversaw White House crypto policy between January and his resignation on August 9, 2025, when the $GENIUS Act was negotiated. The Act was signed into law by Trump on July 18, 2025. Ten days later, Tether appointed Hines as its strategic adviser and gave him oversight of the US operations of the company launching
The deadline Hines pushed
The more serious accusation is in connection with the date, not the funds. According to the report, Signal messages show Hines’ efforts to pass on talking points about the $GENIUS Act to Nxum partners and convince legislators to extend the period for compliance of stablecoin issuers from 18 to 36 months.
Both periods have been preserved in the legislation. $GENIUS Act comes into effect 18 months after its adoption, on January 18, 2027. Another restriction, according to which digital asset service providers shall not offer US persons a payment stablecoin unless it has an approved issuer, takes effect 36 months after its adoption, on July 18, 2028. This period defines the duration of time when the US exchange could continue issuing a foreign stablecoin, like $USDT.
According to a Nxum representative quoted by the Journal, Hines was unaware of and uninvolved in Tether’s business while working for the government, recused himself from Nxum issues, and received no payments from Tether during this time.
Vincer referred to himself as an intermediary. Hines, Tether and the White House did not comment on the matter.
Why the timing stings for Tether and Treasury
The question comes as $USDT’s US fate remains uncertain. The Treasury Department’s comment period on its proposed stablecoin regulation, Docket No. TREAS-DO-2026-0496, expired on October 19, 2026.
The regulation explains what qualifies as offering a payment stablecoin to a US person, and the foreign issuer must obtain a license for reaching American clients, which is possible only if the Secretary of the Treasury finds its domestic regulation system to be equivalent and the firm registers with the OCC.
The crypto policy office run by Hines has been left vacant after his departure. The CLARITY Act, on the other hand, failed the Senate vote on cloture 49-50 on September 15, partly because of the possibility of enforcing conflict-of-interest regulations regarding the holdings of crypto assets by officials.
