A newly formed super PAC, The Fellowship, has made its first financial move ahead of the 2026 US congressional midterm elections, spending $300,000 on advertising through Nxum Group, a firm co-founded by Bo Hines, who currently serves as the CEO of Tether's US operations and previously advised President Donald Trump on crypto matters. This development marks the first major expenditure by The Fellowship, which had been introduced as a significant player in crypto campaign finance but had yet to engage in the US midterm elections until now. The PAC's chairman, Jesse Spiro, is also an executive at Tether US, further solidifying the connection between The Fellowship and Tether. The advertising effort is in support of Georgia Republican Clay Fuller, who recently won a special election and will need continued campaign support for the upcoming primary and general election.
The payment to Nxum Group, which may benefit Tether's US CEO and his relative, raises questions about the transparency and potential self-dealing within The Fellowship, despite the PAC's claims of being rooted in transparency. According to Michael Beckel, an expert at Issue One, a political reform organization, there is no blanket prohibition on self-dealing in political committees as long as services are provided at fair market value.
The Fellowship's actions and its connections to Tether and its executives have sparked interest in how the crypto industry will influence the upcoming elections and future legislation. With the US midterm elections already underway, The Fellowship's move is seen as a significant step into the political arena, potentially paving the way for more substantial involvement by the crypto sector in campaign finance.