Today in Crypto, former White House executive director Bohines of Crypto Council has joined Tether as strategic adviser, while Bitcoin Bull and billionaire Chamasparihapitiya filed for a $250 million SPAC focused on decentralized finance and AI, bringing Bitmine’s ether holdings to $6.6 billion despite a 14% drop in its ether holdings.
Former White House Director Bohines plays the role of tether advisory
Stablecoin Giant Tether hires former White House Crypto Council executive director Bo Hines as new strategic advisor for digital assets and US strategy, driving the expansion of the world’s largest economy.
According to a Tuesday announcement shared with Cointe Legraph, Tether, publisher of USDT (USDT) Stablecoin, has appointed Hines to directly engage and coordinate Hines as part of their immediate focus.
Hines previously served in President Donald Trump’s administration, where he worked on initiatives to promote digital assets innovation, setting guardrails for stubcoin issuers, and developing collaborations between the government and the blockchain industry.
In his new role, Hines will work with Tether’s leadership team to implement US market entry and develop “constructive relationships” with policymakers and industry stakeholders.
“A deep understanding of the legislative process, coupled with his passion for adopting actual blockchains, makes him an invaluable asset as Tether enters the world’s largest market,” added Tether CEO Paolo Ardoino.
“The appointment of BO demonstrates our commitment to building a strong, multi-sector US-based presence that starts with digital assets and expands into new opportunities, including a deep focus on further investment in domestic infrastructure.”
Tether Investments has already reinvested almost $5 billion in the US economy. The addition of Hines is aimed at “strengthening” this commitment and collaboration with the US market, the announcement said.
$250 million SPAC targeting Defi, ai Bitcoin Bull and Billionaire Files
Early Bitcoin investor and billionaire Chamas Parihapitiya submitted to raise $250 million from American Exceptionalism Acquisition Corp A, a blank checking company targeting decentralized finance, AI, energy and defense.
The Special Purpose Acquisition Company (SPAC) will be chaired by Social Capital Management Partner Stephen True as CEO and Parihapitiya, according to a registration statement filed with the U.S. Securities and Exchange Commission on Monday.
The $250 million salary increase aims to provide 25 million shares for $10 each under the New York Stock Exchange’s Ticker AEXA.
The pair leads the next wave of financial innovation, focusing on solutions that bridge traditional markets to blockchain technology, betting on decentralized finance rather than bitcoin.
However, SPAC faces inherent risks, and Palihapitiya has a SPACS that leads various records in the past.
Bitmine stocks struggle as ETH Holdings surges
Bitmine Immersion Technologies’ powerful pivot to ether has taken 14% of the stock in the past week, not pushing it up. Currently, Bitmine’s slump, the world’s largest company owner at Ether, emphasizes that Crypto’s betting doesn’t necessarily bring a quick win for public companies.
Still, the company is doubled. Chairman Tom Lee said the strategy was driven in part by institutional demand, and last week Bitmine announced plans to raise $24.5 billion to expand its ether shares.
The Ether Exchange-Traded Funds reached $2.8 billion last week, increasing its annual total by over $11 billion, attracting strong demand.
Demand for businesses and institutions has been over 50% higher in ether over the past month. Last week, ETH was around $4,870 since reaching its highest ever distance in November 2021.
