A newly established crypto-focused political action committee, the Fellowship PAC, has disclosed its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC, which has ties to Tether, spent $300,000 on advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, who now serves as the CEO of Tether's US operations. Although the PAC has advertised itself as a significant player in crypto campaign finance, it had not participated in the US midterm elections until its recent federal disclosure.
The Fellowship PAC has named Jesse Spiro, a Tether US executive, as its chairman, and its first expense filing with the Federal Election Commission reported the purchase of advertising services for Fuller's primary election campaign. The PAC's actions have raised questions about potential self-dealing, but according to Michael Beckel of Issue One, a political reform organization, there is no blanket prohibition on self-dealing in political committees as long as services are provided at fair market value. The Fellowship PAC's support for Fuller, who has received the backing of President Trump, is its first financial contribution, and the PAC has not yet demonstrated a significant stockpile of contributions to support other candidates. The PAC's ties to Tether have sparked interest, particularly given the company's decline to confirm the connection.
An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over the Fellowship PAC, but did not respond to further questions about Tether US. The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives, and the money spent by the Fellowship super PAC was an independent expenditure, meaning it had to be handled without strategizing with Fuller's campaign.
The firm paid by the Fellowship PAC, Nxum, was co-founded by Bo Hines, who filed ethics disclosures last year as a White House official. 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, with a focus on transparency and trust. However, the PAC's disclosures have not yet demonstrated a significant stockpile of contributions, and its current accounts are still at zero, despite an announcement last year that it would be established with pledges of $100 million.