A newly-formed political action committee, The Fellowship PAC, has made its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC, which has ties to Tether, spent $300,000 on advertising for Georgia Republican Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, the chief executive of Tether's US arm. This move has raised questions about the relationship between the PAC and Tether, as well as the potential for self-dealing. According to campaign finance rules, super PACs are allowed to pay for services as long as they are provided at fair market value.
The Fellowship PAC's advertising effort is its first major expenditure, and it comes as the PAC begins to endorse Republican candidates for the House and Senate. The PAC's chairman, Jesse Spiro, is also the vice president of regulatory affairs for Tether's US arm, further highlighting the connections between the two entities. The PAC's first financial disclosure to the Federal Election Commission showed that it had spent $300,000 on advertising for Fuller, but it did not reveal any information about its funding sources. The Fellowship PAC was announced last year with pledges of $100 million, but it has yet to disclose any major contributions.
The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation. The PAC's activities have sparked concerns about the potential for self-dealing and the influence of the crypto industry on politics. As the US midterm elections approach, the Fellowship PAC's actions will be closely watched to see if it will make a significant impact on the outcome.