A newly formed political action committee, The Fellowship PAC, has made its first major expenditure, with $300,000 going towards advertising for a Republican candidate, Clay Fuller, through Nxum Group, a firm co-founded by Bo Hines, the current CEO of Tether's US operations. This move has raised eyebrows, given the ties between The Fellowship PAC and Tether, with the PAC's chairman, Jesse Spiro, being a Tether US executive. The PAC's first financial disclosure indicates that it has spent money on advertising, but its current accounts still show no contributions, despite earlier announcements of $100 million in pledges.
The Fellowship PAC has stated that it aims to support candidates who advocate for the growth of digital assets and reinforce the US as a leader in financial infrastructure. However, the PAC's lack of transparency and its ties to Tether have sparked questions about its true intentions and funding sources. As the US midterm elections approach, The Fellowship PAC's activities will be closely watched, particularly in light of its potential impact on crypto legislation.