A newly formed political action committee, The Fellowship PAC, which has been linked to Tether, has disclosed its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC spent $300,000 on advertising for Republican candidate Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, who currently leads Tether's US arm and formerly advised President Donald Trump on cryptocurrency issues. The Fellowship PAC, which claims to be 'rooted in transparency,' has not responded to inquiries about its formation, funding, or the payment that may benefit Tether's US CEO and his relative. According to Michael Beckel from the political reform organization 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 PAC's advertising effort for Fuller is not yet clear, but the funds were spent as Fuller was winning his special election. The PAC's disclosures do not show a significant stockpile of contributions to support other candidates, 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. The PAC recently announced its chairman would be Jesse Spiro, the vice president of regulatory affairs for Tether's US arm, and began listing endorsements for Republican politicians on its social media feed.
The Fellowship PAC's first financial support recipient, Fuller, is an incoming Republican member of the House of Representatives who will need campaign support for the upcoming primary and general election. The money spent by the Fellowship super PAC was an independent expenditure, meaning it had to be handled without strategizing with Fuller's campaign. The firm paid by the Fellowship PAC, Nxum, was co-founded by Bo Hines, who filed ethics disclosures last year as a White House official.
There is no federal record of Nxum as a regular service provider for additional political efforts. 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 last year, 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 spending is still a relatively small amount compared to the leading crypto super PAC, Fairshake, which has expended millions in the early contests. The US midterm elections are already underway, and the outcome may significantly impact future crypto legislation.