A newly formed super PAC, The Fellowship, has made its first major expenditure, investing $300,000 in advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, the current chief executive of Tether US. This move marks the PAC's first significant activity ahead of the 2026 congressional midterm elections. The Fellowship had previously been linked to Tether, although the company had declined to confirm this connection. The PAC, which claims to be rooted in transparency, has not responded to questions about its formation, funding, or the recent payment that may benefit Tether's US CEO and his relative.
According to Michael Beckel, an expert at the political reform organization Issue One, setting up a super PAC and paying for services is not against US campaign-finance rules as long as the services are provided at fair market value. The PAC's advertising effort on behalf of Fuller is not yet clear, but the funds were spent just as Fuller was winning his special election.
Despite an announcement last year that it would be established with pledges of $100 million, the PAC's current accounts still show no contributions. An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over the Fellowship PAC, but offered no further response to questions about Tether US.
The PAC became active again this month when it announced its chairman would be Jesse Spiro, the vice president of regulatory affairs for Tether's US arm. The Fellowship PAC has begun listing endorsements for Republican politicians seeking House and Senate seats, as well as a candidate for governor in South Carolina.
The PAC claims it will support candidates who recognize the importance of emerging digital assets technology and will begin actively supporting those aligned with its vision. The first recipient of financial support from the Fellowship PAC is incoming Republican member of the House of Representatives Clay Fuller, who recently won a special election. The money spent by the Fellowship super PAC was an independent expenditure, meaning it had to be handled without strategizing with Fuller's campaign. As a candidate, Fuller has not publicly announced his position on crypto, but he has the backing of Trump.
The firm paid by the Fellowship PAC, Nxum, was co-founded by Bo Hines, who previously worked as a leading adviser to President Trump on crypto legislative advances. It is unclear whether financial ties remain between Hines and Nxum. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation.
When the Fellowship PAC was announced last year, it was presented as a contrast to previous political engagement, aiming to help the broader crypto ecosystem and not narrow or individual interests. The PAC's disclosures do not yet demonstrate a stockpile of contributions to back other candidates, and its current accounts remain at zero. The relatively young Tether US's stablecoin, USAT, has a market cap of about $37 million, suggesting the firm may not have the independent resources yet to fund a major PAC.
According to Beckel, massive spending by an industry is something that lawmakers are taking seriously, and the crypto industry may need a lot of friends from both parties. The Fellowship PAC's rival, Fairshake, has expended millions in early contests, and the US midterm elections are already well underway. If the US House is taken over by a Democratic majority, the committees there will likely shift their agenda to challenge Trump's legislative efforts and investigate the administration's actions.