A newly established political action committee, The Fellowship PAC, has disclosed its first expenditure ahead of the 2026 US congressional midterm elections. The PAC, which has ties to Tether, spent $300,000 on an advertising campaign for Republican candidate Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, the current CEO of Tether's US arm and former adviser to President Donald Trump. Although the PAC has advertised itself as a significant player in crypto campaign finance, its first expense filing with the Federal Election Commission reveals a connection to Tether US through its chairman, Jesse Spiro, and the payment to Nxum Group.
According to Michael Beckel, an expert at Issue One, 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 Fuller's primary election is its first disclosed expense, but the PAC's current accounts still show no contributions, despite an earlier announcement that it would be established with $100 million in pledges. An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over the Fellowship PAC, while deflecting further inquiries to the PAC.
The PAC's ties to Tether have raised questions about its funding and potential self-dealing, but it remains to be seen whether the PAC will become a significant player in the US midterm elections.