A newly formed super PAC, The Fellowship PAC, has disclosed its first expenditure ahead of the 2026 US congressional midterm elections, with a $300,000 ad buy from Nxum Group, a firm co-founded by Bo Hines, now the CEO of Tether US. The PAC, which claims to be rooted in transparency, has ties to Tether, although the company has not confirmed the connection.
The ad purchase was made on behalf of Republican candidate Clay Fuller, who recently won a special election in Georgia. The payment may benefit Hines and his relative, as Nxum Group was co-founded by Hines and his father. According to campaign finance rules, self-dealing is not prohibited as long as services are provided at fair market value. The PAC's efforts are focused on supporting candidates who advocate for emerging digital assets technology, with endorsements listed on its social media feed.
The Fellowship PAC's first recipient of financial support, Fuller, will need campaign backing for the upcoming primary and general election. As a candidate, Fuller has not publicly stated his position on crypto, but has the backing of President Trump.
The firm paid by the PAC, Nxum Group, has no federal record as a regular service provider for political efforts, but did contribute to Trump's 2024 campaign. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, which manages assets for Tether's global operation. The PAC was announced last year with pledges of $100 million, but its current accounts show no contributions. It is possible that the promised funds are already in the PAC's coffers, but federal disclosures typically lag behind the movement of money.
The PAC's spending is a drop in the bucket compared to the leading crypto super PAC, Fairshake, which has expended millions in early contests. The US midterm elections are underway, and the crypto industry may need friends from both parties to influence future legislation.