A newly formed super PAC, The Fellowship, has disclosed its first expenditure, revealing a $300,000 ad buy from Nxum Group, a firm co-founded by Bo Hines, who currently serves as the CEO of Tether's US operations and previously advised President Donald Trump. The Fellowship PAC has been linked to Tether, although the company has not confirmed the connection. The PAC's first ad purchase was made on behalf of Republican candidate Clay Fuller, who recently won a special election in Georgia.
The ad buy was made through Nxum Group, which was co-founded by Hines and his father, Todd Hines. According to campaign finance rules, it is not illegal for a super PAC to pay for services from a company affiliated with its leaders, as long as the services are provided at fair market value. The Fellowship PAC has announced its support for candidates who advocate for the growth of digital assets and the development of next-generation financial infrastructure.
The PAC's first ad buy has sparked questions about the potential for self-dealing and the sources of its funding, which have not been fully disclosed. An outside spokesperson for Tether stated that the company has no affiliation or oversight over The Fellowship PAC, but did not respond to further questions about Tether's US operations or the PAC's activities. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operations. The Fellowship PAC was launched with the promise of transparency and trust, but its activities have raised concerns about the potential for hidden influences and self-dealing in the crypto industry.