A newly formed super PAC, The Fellowship, with reported ties to Tether, has made its first major ad buy ahead of the 2026 US congressional midterm elections. The $300,000 expenditure was made with Nxum Group, a firm co-founded by Bo Hines, who currently serves as the chief executive of Tether's US operations and previously advised President Donald Trump on crypto matters. The ad purchase was made to support Georgia Republican Clay Fuller, who recently won a special election. Despite its claims of transparency, The Fellowship PAC has not disclosed its funding sources or responded to questions about the payment that may benefit Tether's US CEO and his relative.
According to campaign finance experts, self-dealing in political committees is not prohibited as long as services are provided at fair market value. The PAC's disclosures do not show a significant stockpile of contributions, despite an earlier announcement that it would be established with $100 million in pledges.
The Fellowship PAC has begun listing endorsements for Republican politicians and claims to support advocates of emerging digital assets technology. Its first recipient of financial support, Fuller, will need continued campaign backing for the upcoming primary and general 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. The firm paid by The Fellowship PAC, Nxum, has ties to Bo Hines, who co-founded the company before joining Tether's US operations.
There is no federal record of Nxum providing services to other political efforts, apart from a $1 million billboard advertising contribution to MAGA Inc. in support of Trump in 2024.
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 was announced, it was presented as a contrast to previous political engagement efforts, aiming to help the broader crypto ecosystem and not narrow or individual interests. The PAC's spending is still relatively low compared to other crypto super PACs, such as Fairshake, which has expended millions in early contests. The US midterm elections are already underway, with many hotly contested primaries past or upcoming.
If the US House is taken over by a Democratic majority, the committees may shift their agenda to challenge Trump's legislative efforts and investigate the administration's actions.