A newly formed crypto-focused super PAC, The Fellowship PAC, has made its first major expenditure, spending $300,000 on advertising for a Republican congressional candidate through a company co-founded by Tether's US CEO, Bo Hines. The PAC, which claims to be 'rooted in transparency,' has ties to Tether, although the company has not publicly confirmed the connection.
The advertising effort is in support of Georgia Republican Clay Fuller, who recently won a special election and will need additional campaign support for the upcoming primary and general election. The payment to Nxum Group, a firm co-founded by Hines, has raised questions about potential self-dealing, although experts note that such practices are not necessarily prohibited under US campaign finance rules, as long as services are provided at fair market value. The Fellowship PAC's disclosures do not yet show a significant stockpile of contributions, despite an announcement last year that it would be established with pledges of $100 million. The PAC's activities and funding have sparked interest, given the potential implications for the crypto industry and its relationship with US lawmakers.