A newly formed crypto-focused super PAC, The Fellowship PAC, has disclosed its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC, which has been linked to Tether, spent $300,000 on advertising for Republican candidate Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, the chief executive of Tether's US arm and a former adviser to President Donald Trump.
The expenditure was made despite the PAC's claims of being rooted in transparency, and it has not responded to questions about its formation, funding, or the payment that may benefit Hines and his relative. According to campaign finance rules, setting up a super PAC and paying for services is not prohibited as long as the services are provided at fair market value. The Fellowship PAC's advertising effort for Fuller is not yet clear, but the funds were spent just as Fuller won his special election.
The PAC's disclosures do not show a significant stockpile of contributions to support other candidates, despite an announcement last year 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, but did not respond to further questions about Tether US. The PAC's first recipient of financial support, Fuller, is an incoming Republican member of the House of Representatives and 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.
As a candidate, Fuller has not broadcast a position on crypto and does not have a grade at Stand With Crypto, an advocacy group that evaluates candidates' views. The firm paid by the Fellowship PAC, Nxum, was co-founded by Hines, who filed ethics disclosures last year as a White House official.
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 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 disclosures will eventually identify the origins of its contributions, which must be from US sources.
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 yet to fund a major PAC. The amount the Fellowship PAC has spent is still a drop in the bucket compared to the receipts of the leading crypto super PAC, Fairshake. The US midterm elections are already underway, and Fairshake has expended millions in the early contests.
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.