A newly established crypto-focused super PAC, the Fellowship PAC, has disclosed its first expenditure, with $300,000 going towards advertising for a Republican candidate through a firm co-founded by Tether's US CEO, Bo Hines. The PAC, which claims to be committed to transparency, has ties to Tether, although the company has not confirmed this connection.
The advertising effort is in support of Georgia Republican Clay Fuller, who recently won a special election and is now seeking campaign support for the upcoming primary and general election. The payment to Nxum Group, the firm co-founded by Hines, may raise questions about potential self-dealing, although this is not prohibited under US campaign finance rules as long as services are provided at fair market value.
The Fellowship PAC's disclosures do not yet show a significant stockpile of contributions, despite an earlier announcement that it would be established with pledges of $100 million. The PAC's activity has sparked interest in the crypto sector, with some viewing it as a potential player in the upcoming US midterm elections.