A newly formed super PAC, The Fellowship PAC, has disclosed its first expenditure, revealing a $300,000 ad buy with Nxum Group, a company co-founded by Bo Hines, who currently serves as the chief executive of Tether's US division and previously advised President Donald Trump on crypto matters. The PAC, which claims to be dedicated to transparency, has been linked to Tether, although the company has not publicly confirmed this connection. The ad buy was made on behalf of Georgia Republican Clay Fuller, who recently won a special election and will require further campaign support for the upcoming primary and general elections.
The payment to Nxum Group may benefit Tether's US CEO and his relative, as Bo Hines is a co-founder of the firm. According to campaign finance rules, self-dealing is not prohibited as long as services are provided at fair market value.
The Fellowship PAC's endorsements include several Republican politicians seeking House and Senate seats, as well as a candidate for governor in South Carolina. The PAC has announced its support for advocates of emerging digital assets technology and claims it will begin actively supporting candidates who share its vision.
The PAC's first financial support recipient, Fuller, has not publicly expressed his views on crypto, but has received backing from Trump. The firm paid by the Fellowship PAC, Nxum, has no record of providing regular services to other political efforts, except for contributing billboard advertising valued at $1 million to MAGA Inc. in support of Trump in 2024.
The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, which manages assets for Tether's global operation. When the Fellowship PAC was announced, it was presented as a contrast to previous political engagement efforts, with a focus on transparency and trust. However, the PAC's disclosures do not yet demonstrate a significant stockpile of contributions, despite an announcement last year that it would be established with pledges of $100 million.