A newly formed crypto-focused super PAC, The Fellowship PAC, has disclosed its first expenditure, revealing a $300,000 ad purchase from Nxum Group, a firm co-founded by Bo Hines, who now serves as the CEO of Tether US. The PAC, which has been linked to Tether, has been quiet until recently, when it named Jesse Spiro, a Tether US executive, as its chairman.
The ad purchase was made to support Georgia Republican Clay Fuller, who won a special election to the House of Representatives. The move has raised questions about the PAC's ties to Tether and its funding, as well as the potential for self-dealing.
According to campaign finance rules, there is no blanket prohibition on self-dealing, but services must be provided at fair market value. The Fellowship PAC's efforts are seen as an attempt to support candidates who back the development of digital assets, but its impact remains to be seen, especially compared to other crypto-focused super PACs like Fairshake, which has already spent millions in the midterm elections.