A newly established super PAC, the Fellowship PAC, has made its first major expenditure, spending $300,000 on advertising for a Republican candidate through a firm co-founded by Tether's US CEO, Bo Hines. The move marks the PAC's first significant activity ahead of the 2026 congressional midterm elections. The Fellowship PAC has been linked to Tether, although the company has not confirmed the connection.
The PAC's chairman, Jesse Spiro, is a Tether US executive. The advertising expenditure was made through Nxum Group, a company co-founded by Hines, who previously served as a crypto adviser to President Donald Trump. According to campaign finance rules, self-dealing is not prohibited, as long as services are provided at fair market value. The PAC's support for Republican candidates has sparked interest, particularly given its ties to Tether and the crypto industry.
The Fellowship PAC has announced its backing for several Republican politicians, including a candidate for governor in South Carolina. The PAC's first recipient of financial support is an incoming Republican member of the House of Representatives, who will require campaign support 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 the candidate's campaign.
The firm paid by the Fellowship PAC, Nxum, has contributed to other political efforts, including a $1 million billboard advertising campaign for MAGA Inc. in support of Trump in 2024. The PAC's treasurer is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation.
The Fellowship PAC has presented itself as a contrast to previous crypto-related political engagement, emphasizing transparency and trust. However, the PAC's disclosures do not yet demonstrate a significant stockpile of contributions to back other candidates. The PAC's activities are being closely watched, particularly given the crypto industry's potential impact on future legislation.