A newly formed super PAC, The Fellowship, with alleged ties to Tether, has made its first major expenditure, spending $300,000 on advertising for a Republican candidate through a firm co-founded by Tether's U.S. CEO, Bo Hines.
This move comes as the crypto industry prepares for the 2026 congressional midterm elections. The Fellowship PAC, which claims to be rooted in transparency, has been quiet about its formation and funding, leading to questions about its connection to Tether and potential self-dealing. According to campaign finance rules, super PACs are allowed to pay for services as long as they are provided at fair market value.
The PAC's first financial support went to Georgia Republican Clay Fuller, who recently won a special election. The advertising effort was handled by Nxum Group, a company co-founded by Hines, who is now the CEO of Tether's U.S.
arm. 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's disclosures do not yet show a significant stockpile of contributions, despite an announcement last year that it would be established with pledges of $100 million.
The PAC's activity has raised questions about its connection to Tether and the potential for self-dealing, as well as its ability to influence the upcoming elections. As the crypto industry continues to grow and become more involved in politics, the actions of super PACs like The Fellowship will be closely watched.