A newly formed crypto-focused super PAC, The Fellowship PAC, has made its first major expenditure, spending $300,000 on advertising for a Republican congressional candidate through a firm co-founded by Tether's US CEO, Bo Hines. This move marks the PAC's entry into the 2026 US midterm elections and has raised questions about potential conflicts of interest. The Fellowship PAC was established with pledges of $100 million and aims to support candidates who advocate for the growth of digital assets.
However, its current financial disclosures do not reflect any significant stockpile of contributions, and its ties to Tether have sparked concerns about transparency and self-dealing. The PAC's first financial support went to Georgia Republican Clay Fuller, who recently won a special election and will require further campaign support for the upcoming primary and general election. The payment to Nxum Group, a company co-founded by Hines, has drawn attention due to the potential benefits it may bring to Tether's US CEO and his relative. According to campaign finance experts, setting up a super PAC and paying for services is not against US rules as long as the services are provided at fair market value.
The Fellowship PAC's activities and disclosures will be closely watched as the US midterm elections progress, particularly in light of the significant spending by rival crypto super PAC, Fairshake.