A newly formed super PAC, The Fellowship, has made its first financial contribution ahead of the 2026 US congressional midterm elections, spending $300,000 on advertising for a Republican candidate through a firm co-founded by Bo Hines, the chief executive of Tether's US arm and a former adviser to President Donald Trump. The PAC's activities have raised questions about its ties to Tether, despite the company's denial of any affiliation.
The Fellowship PAC, which claims to be committed to transparency, has not responded to inquiries about its funding and formation. According to campaign finance rules, self-dealing is not prohibited as long as services are provided at fair market value. The PAC's first expenditure was an independent ad buy for Georgia Republican Clay Fuller, who has the backing of President Trump.
The firm that received the payment, Nxum Group, was co-founded by Hines and his father, Todd Hines. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, which manages assets for Tether's global operation.
The Fellowship PAC was announced last year with pledges of $100 million, but its current accounts show no contributions. The PAC's activities and potential ties to Tether have sparked concerns about the influence of cryptocurrency firms on US politics.