A newly formed crypto-focused political action committee, the Fellowship PAC, has disclosed its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC, which has been linked to Tether, spent $300,000 on advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, now the chief executive of Tether's US operation and a former advisor to President Donald Trump. The Fellowship PAC, which claims to be rooted in transparency, has not responded to questions about its formation, funding, or the payment that may benefit Tether's US CEO and his relative.
According to Michael Beckel, a representative of the political reform organization Issue One, setting up a super PAC and paying for services is not against US campaign finance rules as long as the services are provided at fair market value. The PAC's advertising effort on behalf of House of Representatives candidate Fuller is not yet clear, apart from the disclosure that the money was given to the advertisement provider for his primary election effort. The funds were transferred just as Fuller was winning his special election. However, the PAC's disclosures do not yet demonstrate a significant stockpile of contributions to support other candidates, with its current accounts still showing zero, despite an announcement last year that it would be established with pledges of $100 million.
An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over the Fellowship PAC, while deferring further inquiries to the PAC, which did not respond. The Fellowship PAC became active again this month, announcing its chairman would be Jesse Spiro, the vice president of regulatory affairs for Tether's US arm.
The PAC has also begun listing endorsements for Republican politicians seeking House and Senate seats on its social media feed. The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives who will still need 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 Fuller's campaign.
As a candidate, Fuller has not publicly stated his position on crypto and does not have a grade from the advocacy group Stand With Crypto. However, he has the backing of President Trump, who praised him as a wonderful and talented man. The firm paid by the Fellowship PAC, Nxum, was co-founded by Bo Hines, who filed ethics disclosures last year as a White House official.
It is unclear whether financial ties remain between Hines and Nxum. There is no federal record of Nxum as a regular service provider for additional political efforts, apart from its contribution of billboard advertising valued at $1 million for MAGA Inc. in support of Trump in 2024. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation.
When the Fellowship PAC was announced last year, it was presented as a contrast to previous political engagement, with a focus on transparency and trust. It is possible that some or all of the promised $100 million is in the PAC's coffers already, as federal disclosures typically trail behind the movements of money. The relatively young Tether US's stablecoin, USAT, has a market cap of about $37 million, suggesting the firm may not have the independent resources yet to fund a major PAC. According to Beckel, massive spending by an industry is something lawmakers are taking seriously.
The rival crypto super PAC, Fairshake, has expended millions in the early contests, and the Fellowship PAC's expenditure is still a drop in the bucket compared to Fairshake's receipts. The US midterm elections are already underway, with many of the hotly contested primaries already past or about to happen. If the US House is taken over by a Democratic majority, the committees there will likely shift their agenda to challenge Trump's legislative efforts and investigate the administration's actions.