A newly formed crypto-focused super PAC, The Fellowship PAC, has disclosed its first expenditure, revealing a $300,000 ad purchase from Nxum Group, a firm co-founded by Tether US CEO Bo Hines. This development comes ahead of the 2026 congressional midterm elections and marks the PAC's initial foray into campaign finance. The Fellowship PAC had earlier introduced itself as a significant player in crypto campaign finance but had not participated in the US midterm elections until its recent federal disclosure. The PAC's connection to Tether was reported, although the company did not confirm the relationship.
Following the appointment of Tether US executive Jesse Spiro as its chairman, The Fellowship PAC made its first expense filing to the Federal Election Commission, reporting the ad purchase for Georgia Republican Clay Fuller through Nxum Group. The payment may benefit Tether US CEO Bo Hines and his relative, as Nxum Group was co-founded by Hines, his father Todd Hines, and another partner.
According to Michael Beckel of Issue One, a political reform organization, setting up a super PAC and paying for services is not against US campaign-finance rules as long as the services are provided at fair market value. The Fellowship PAC's advertising effort for House of Representatives candidate Fuller is not yet clear, apart from the disclosure that money was given to the advertisement provider for his primary election effort. The PAC's current accounts still show zero contributions, despite an earlier announcement that it would be established with pledges of $100 million.
An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over The Fellowship PAC, while deferring further inquiries to the PAC, which did not respond. The Fellowship PAC recently announced its chairman and began listing endorsements for Republican politicians on social media site X, stating it would support candidates who recognize the importance of fostering economic growth and reinforcing the US as a global leader in next-generation financial infrastructure.
The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives who won a special election to replace Marjorie Taylor Green. The money spent by The Fellowship super PAC was an independent expenditure, meaning it had to be handled without strategizing with Fuller's campaign. As a candidate, Fuller has not publicly stated his position on crypto, but he has the backing of President Trump. The firm paid by The Fellowship PAC, Nxum, was co-founded by Bo Hines, who later worked as a leading adviser to President Trump, pushing for crypto legislative advances.
It is unclear whether financial ties remain between Hines and Nxum. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation.
When The Fellowship PAC was announced, it was presented as a contrast to previous political engagement, aiming to help the broader crypto ecosystem and not narrow or individual interests. The PAC's disclosures do not yet demonstrate a significant stockpile of contributions to back other candidates. It is possible that some or all of the promised $100 million is in the PAC's coffers already, as federal disclosures typically trail behind the movements of money. The relatively young Tether US's stablecoin, USAT, has a market cap of about $37 million, suggesting the firm may not have the independent resources to fund a major PAC.
According to Beckel, massive spending by an industry is something lawmakers are taking seriously, but it is also possible that The Fellowship PAC's threats are paper tigers that never materialize. The rival crypto super PAC, Fairshake, has expended millions in early contests, while The Fellowship PAC's spending is still a drop in the bucket.
The US midterm elections are already underway, with many hotly contested primaries past or about to happen. If the US House is taken over by a Democratic majority, the committees will likely shift their agenda to challenge Trump's legislative efforts and investigate the administration's actions.