The Fellowship PAC, a recently active crypto-focused political action committee, has disclosed its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC spent $300,000 on advertising for Georgia Republican 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 worked as an advisor to President Donald Trump. The PAC's connection to Tether was initially reported, although the company declined to confirm the relationship. Recently, the PAC named Jesse Spiro, a Tether US executive, as its chairman.
The advertising effort for Fuller, a candidate for the House of Representatives, was made through an independent expenditure, meaning it was handled without coordination with Fuller's campaign. The move has raised questions about potential self-dealing, as there is no blanket prohibition on such practices in US campaign finance rules, provided that services are rendered at fair market value. The PAC's activities and funding have been somewhat opaque, with its current accounts showing no stockpile of contributions despite an initial announcement of $100 million in pledges. An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over the Fellowship PAC.
The PAC's endorsements and support for Republican politicians suggest its focus on promoting emerging digital assets technology and fostering economic growth. As the US midterm elections progress, the crypto industry's need for support from both parties may become increasingly important, given the potential shift in the political landscape.