A newly-established crypto-focused super PAC, The Fellowship PAC, has made its first major expenditure, disclosing a $300,000 ad buy with Nxum Group, a firm co-founded by Tether US CEO Bo Hines. This move marks the PAC's initial foray into the 2026 US congressional midterm elections.
The Fellowship PAC had previously been shrouded in mystery, with its connection to Tether unconfirmed until recently. The PAC's chairman, Jesse Spiro, is a Tether US executive, further solidifying the link between the two entities. The ad purchase was made to support Georgia Republican Clay Fuller, who recently won a special election.
The payment to Nxum Group, which was co-founded by Hines and his father Todd, has raised questions about potential self-dealing. According to Michael Beckel, an expert at Issue One, a political reform organization, there is no blanket prohibition on self-dealing in political committees, but services must be provided at fair market rates. The Fellowship PAC's financial disclosures do not yet show a significant stockpile of contributions, despite an initial pledge of $100 million. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, which manages assets for Tether's global operation.
The PAC's activities have sparked interest in the crypto community, with some viewing it as a potential player in the upcoming elections. However, others remain skeptical, citing the lack of transparency and the potential for self-dealing. As the US midterm elections heat up, the Fellowship PAC's actions will be closely watched, particularly in light of its connections to Tether and the crypto industry.