A newly formed political action committee, The Fellowship PAC, has made its first major expenditure ahead of the 2026 US congressional midterm elections. The PAC, which has ties to Tether, a leading stablecoin issuer, has spent $300,000 on advertising for a Republican candidate in Georgia through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether's US arm. Hines is a former advisor to President Donald Trump and has been involved in efforts to promote the adoption of cryptocurrencies. The Fellowship PAC has been marketed as a vehicle for promoting the interests of the cryptocurrency industry, and its first major expenditure has raised questions about the potential for self-dealing and conflicts of interest.
According to campaign finance experts, while there is no blanket prohibition on self-dealing in political committees, services must be provided at fair market value to avoid violating campaign finance rules. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation. The Fellowship PAC has announced its support for several Republican candidates, including Clay Fuller, who recently won a special election in Georgia.
The PAC's efforts are seen as part of a broader push by the cryptocurrency industry to increase its influence in Washington and shape the regulatory environment for digital assets. With the US midterm elections already underway, the Fellowship PAC's activities are being closely watched by lawmakers, regulators, and industry observers.