A newly formed super PAC, The Fellowship, with reported ties to Tether, has made its inaugural expenditure, allocating $300,000 towards advertising for Republican candidate Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, who currently serves as the CEO of Tether's US arm and previously advised President Donald Trump. This development marks the first significant activity from The Fellowship PAC, which had been introduced as a major player in crypto campaign finance but had yet to engage in the US midterm elections until this recent federal disclosure. The PAC's first financial transaction was made to Nxum Group, a company founded by Hines, his father Todd Hines, and another partner, for advertising support for Fuller's primary election campaign.
The Fellowship PAC, positioning itself as a champion of transparency, has not provided details about its formation, funding, or the recent payment that could potentially 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 Fellowship's advertising effort for Fuller's campaign is not yet clear, apart from the disclosure to the FEC that funds were allocated to the advertisement provider for his primary election.
Despite an earlier announcement that The Fellowship PAC would be established with pledges of $100 million, its current accounts show no contributions, raising questions about the source of its funding. An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over The Fellowship PAC, while Tether US did not respond to inquiries. The PAC's recent activities, including the announcement of its chairman, Jesse Spiro, who is also the vice president of regulatory affairs for Tether's US arm, suggest that it may begin actively supporting candidates aligned with its vision of fostering economic growth and reinforcing the US as a leader in next-generation financial infrastructure.