A newly formed crypto-focused super PAC, The Fellowship, has made its first major expenditure, spending $300,000 on advertising for a Republican candidate through a firm co-founded by Tether's US CEO, Bo Hines. The move marks the first significant activity from the PAC, which was announced last year with pledges of $100 million in funding. The Fellowship has been linked to Tether, although the company has declined to confirm the connection.
The PAC's first expenditure was made to support Georgia Republican Clay Fuller, who recently won a special election. The advertising effort was handled by Nxum Group, a firm co-founded by Hines and his father, Todd Hines. While the PAC's disclosures do not currently show a significant stockpile of contributions, it is possible that the promised $100 million is already in the PAC's coffers, as federal disclosures often lag behind the movement of money. The Fellowship's activity comes as the US midterm elections are underway, with many contested primaries already passed or upcoming.
The PAC's focus on supporting Republican candidates in deep-red regions may face challenges on Capitol Hill next year if they win. The crypto industry is likely to need support from both parties, given the shifting odds of the Senate and House elections.