A newly formed crypto-focused political action committee, The Fellowship PAC, has made its first major expenditure, with $300,000 going towards advertising for a Republican candidate through a firm tied to Tether's US CEO, Bo Hines. The PAC, which claims to be rooted in transparency, has been linked to Tether, although the company has not confirmed the connection. The advertising effort is in support of Georgia Republican Clay Fuller, who recently won a special election. The payment to Nxum Group, a company co-founded by Hines, has raised questions about potential self-dealing, although experts note that this is not necessarily against US campaign finance rules as long as the services provided are at fair market value.
The Fellowship PAC's disclosures do not yet show a significant stockpile of contributions, despite an initial pledge of $100 million. The PAC's activities have sparked interest in the crypto community, with some viewing it as a potential player in the upcoming US midterm elections.