Here’s what happened in crypto today

Today in crypto, a Wall Street Journal investigation revealed that former Trump crypto adviser Bo Hines retained a financial stake in a firm that benefited from a Tether deal while he helped advance US stablecoin legislation. Meanwhile, Ledger introduced an $849 hardware wallet with stronger anti-tampering protections following a security incident in Asia, and Australia’s securities regulator proposed new capital, custody and trading requirements for crypto platforms ahead of a 2027 rollout.

Former Trump adviser retained stake in firm that benefited from stablecoin law

Former White House crypto adviser Bo Hines retained a one-third stake in an investment firm that received millions of dollars from Tether while he was helping advance landmark US stablecoin legislation, according to a Wall Street Journal investigation.

The report found that Nxum, an investment company Hines co-founded, received $6.3 million through an agreement with Tether, with the first payment arriving while Hines was still serving in the Trump administration.

Hines reportedly remained in contact with Nxum partners through Signal, sharing updates on the GENIUS Act and encouraging them to criticize Republican lawmakers who opposed the legislation.

The GENIUS Act, which established a federal regulatory framework for payment stablecoins, was signed into law in July 2025. Hines left the administration shortly afterward, joining Tether as a strategic adviser in August before becoming CEO of its US operations.

The revelations add to scrutiny of financial ties between Trump administration officials and the cryptocurrency industry. Several former regulators have also moved into senior industry positions, including former CFTC Commissioner Summer Mersinger, who became CEO of the Blockchain Association.

Ledger’s answer to wallet tampering costs $849 and ships next year

Ledger unveiled a new device on Thursday with stronger protections against tampering, days after confirming that wallets sold through a reseller in Asia contained malicious implants.

The French hardware wallet maker introduced Atom, an $849 device that combines a crypto wallet with everyday apps through a smartphone-like design. Atom separates Android apps from sensitive wallet operations and includes protections Ledger says would block the implants used in the recent Asia incident. It’s also advertised to detect tampering even when switched off.

The company expects to begin shipping the device in summer 2027, according to an announcement shared with Cointelegraph.

Ledger said Atom will also support AI agent approvals, encrypted messaging and post-quantum cryptography.

The announcement follows a security incident that surfaced on Friday involving malicious implants found in wallets sold through authorized reseller CryptoBilis. Ledger has requested that distributors in Southeast Asia and Hong Kong suspend sales of its products. European retail chain MediaMarkt has also pulled Ledger wallets off its shelves.

Australia seeks feedback on crypto platform rules ahead of 2027 rollout

Australia’s securities regulator opened consultation Thursday on proposed capital, custody and trading requirements for crypto platforms, as it prepares to implement legislation passed in April that expands oversight of the industry. 

The proposals include three alternative capital models, restrictions on platforms trading for their own account and quarterly reporting of wallets holding customer assets. ASIC also proposes allowing offshore custody while seeking feedback on safeguards if an overseas parent or related company fails. 

“Our proposed guidance and standards acknowledge the increasing role of digital assets and tokenization, including in traditional parts of the financial system,” said ASIC Commissioner Alan Kirkland. 

The proposed guidance and standards would give crypto operators greater clarity on requirements to obtain a license, safeguard customer assets and meet financial requirements under the new framework. The consultation follows Parliament’s passage of the Corporations Amendment (Digital Assets Framework) Act earlier this year.