A newly established political action committee, The Fellowship PAC, has made its first financial contribution in preparation for the 2026 US congressional midterm elections. The PAC, which has ties to Tether, spent $300,000 on advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, the chief executive of Tether's US arm and former adviser to President Donald Trump.
Despite its claims of transparency, The Fellowship PAC has not disclosed information about its formation, funding, or the payment that may benefit Tether's US CEO and his relative. According to Michael Beckel, an expert at Issue One, a political reform organization, there is no blanket prohibition on self-dealing in political committees, but services must be provided at fair market value. The PAC's advertising effort on behalf of Fuller is not yet clear, but the funds were spent just as he won his special election. The Fellowship PAC has not yet demonstrated a significant stockpile of contributions to support other candidates, 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. The PAC became active again this month when it announced its chairman would be Jesse Spiro, the vice president of regulatory affairs for Tether's US arm. The Fellowship PAC has begun endorsing Republican politicians seeking House and Senate seats, as well as a candidate for governor in South Carolina, and claims to be backing advocates of emerging digital assets technology. The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives, but has not broadcast a position on crypto.
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. 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.
However, the PAC's disclosures do not yet demonstrate a significant stockpile of contributions to back other candidates. The US midterm elections are already underway, with many hotly contested primaries past or about to happen. The Fellowship PAC's spending is still a drop in the bucket compared to the receipts of the leading crypto super PAC, Fairshake.