White House reportedly made Tether-backed three-year GENIUS Act grace period a red line before Bo Hines joined Tether

Bloomberg reports that Howard Lutnick and Bo Hines shaped the GENIUS Act in ways favorable to Tether, which controls about 60% of the stablecoin market. Hines called the three-year compliance grace period a "red line" for the White House; Democrats had proposed 18 months. The law also relaxed foreign-issuer oversight via a "reciprocity loophole" and limited issuer liability on DeFi platforms. Tether sold Lutnick's firm a multibillion-dollar stake for $600 million, invested $775 million in Rumble, and hired Hines in August 2025. Tether and the Commerce Department deny impropriety.

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