The Fellowship PAC, a new crypto-focused political action committee, has disclosed its first expenditure, revealing 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 congressional midterm elections. The Fellowship PAC has been shrouded in mystery, with its ties to Tether initially unconfirmed, although it has now named Tether US executive Jesse Spiro as its chairman. The PAC's first expense filing with the Federal Election Commission indicates that the ad buy was made on behalf of Georgia Republican Clay Fuller.
Nxum Group, the recipient of the ad buy, was co-founded by Hines, his father Todd Hines, and a third partner. The payment has raised questions about potential self-dealing, although experts note that such practices are not necessarily prohibited under US campaign finance rules, as long as services are provided at fair market value. The Fellowship PAC's advertising effort on behalf of Fuller is not yet fully clear, but the disclosure suggests that the funds were used to support his primary election campaign.
Despite an initial announcement that the PAC would be established with pledges of $100 million, its current accounts remain at zero, sparking speculation about the source of its funding. An outside spokesperson for Tether has denied any affiliation or oversight between Tether International and the Fellowship PAC. The PAC's ties to Tether US, however, remain a subject of interest, particularly given the role of Bo Hines as both the CEO of Tether US and co-founder of Nxum Group. As the US midterm elections progress, the Fellowship PAC's activities are likely to be closely watched, particularly in light of the crypto industry's growing involvement in political campaigns.
The PAC's focus on supporting Republican candidates, including Fuller, may also have implications for the industry's legislative agenda in the coming year.