A new political action committee, The Fellowship PAC, has made its first financial contribution ahead of the 2026 US congressional midterm elections. The $300,000 expenditure was made to Nxum Group, a firm co-founded by Bo Hines, who currently serves as the chief executive of Tether's US division and previously advised President Donald Trump on crypto matters.
The Fellowship PAC, which has ties to Tether, has advertised itself as a major force in crypto campaign finance but had not participated in the US midterm elections until now. The PAC's first expense filing to the Federal Election Commission indicates that it purchased advertising for Georgia Republican Clay Fuller through Nxum Group. The payment may benefit Hines and his relative, as Nxum Group was co-founded by Hines and his father, Todd Hines. According to Michael Beckel, an expert at Issue One, a political reform organization, setting up a super PAC and paying oneself for services is not against US campaign-finance rules as long as the services are provided at fair market value.
The Fellowship PAC's advertising effort on behalf of Fuller is not yet clear, but the funds were spent just as Fuller won his special election. The PAC's disclosures do not show 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 says it will support candidates who advocate for emerging digital assets technology and recognize the importance of fostering economic growth and reinforcing the US as a global leader in next-generation financial infrastructure. The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives who will 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.
The firm paid by the Fellowship PAC, Nxum, was co-founded by 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. The PAC's relatively small expenditure so far may be just the beginning, as federal disclosures typically trail behind the movements of money. The origins of the money will be identified when contributions are made public, and they must come from US sources. The rival crypto super PAC, Fairshake, has expended millions in the early contests, and the Fellowship PAC may need to make a significant splash to have an impact on the congressional elections.