A newly formed super PAC, The Fellowship, has made its first expenditure, spending $300,000 on advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The PAC, which claims to be 'rooted in transparency', has ties to Tether, although the company has declined to confirm the connection.
The expenditure was made despite the PAC's current accounts showing zero balance, and it is unclear whether the promised $100 million in pledges has been received. The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives, and 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 Fellowship PAC, Nxum, has no federal record as a regular service provider for additional political efforts, and 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.