A newly formed crypto-focused political action committee, The Fellowship PAC, has disclosed its first expenditure, revealing a $300,000 ad buy from Nxum Group, a firm co-founded by Tether US CEO Bo Hines. This development marks the PAC's initial foray into the 2026 congressional midterm elections. The ad purchase was made on behalf of Georgia Republican Clay Fuller, who recently won a special election.
Despite its claims of transparency, The Fellowship PAC has not responded to inquiries about its formation, funding, or the payment to Nxum Group, which may benefit Hines and his relative. According to campaign finance expert Michael Beckel, self-dealing is not prohibited in US campaign finance rules, as long as services are provided at fair market value. The PAC's current accounts show no stockpile of contributions, despite an announcement last year that it would be established with $100 million in pledges. An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over The Fellowship PAC.
The PAC's chairman, Jesse Spiro, is the vice president of regulatory affairs for Tether's US arm, and the PAC has begun endorsing Republican politicians seeking House and Senate seats. The first recipient of The Fellowship PAC's financial support, Fuller, has not announced a position on crypto and does not have a grade from the advocacy group Stand With Crypto. The firm paid by The Fellowship PAC, Nxum, was co-founded by Hines, who later became a White House official and worked as a leading advisor on crypto legislative advances.
The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation.