A newly formed super PAC, The Fellowship, has made its first major expenditure, spending $300,000 on advertising for a Republican candidate in the upcoming U.S. midterm elections.
The funds were paid to Nxum Group, a firm co-founded by Bo Hines, who currently serves as the CEO of Tether's U.S. arm and previously worked as an adviser to President Donald Trump.
The Fellowship PAC has been linked to Tether, although the company has declined to confirm this connection. Despite its claims of transparency, the PAC has not disclosed its funding sources or responded to questions about its activities. The spending has raised questions about potential self-dealing, as Hines and his family members are associated with Nxum Group.
However, according to campaign finance experts, such arrangements are not necessarily prohibited as long as services are provided at fair market value. The Fellowship PAC's support for Republican candidates has sparked interest, particularly given the crypto industry's growing involvement in U.S. politics. As the midterm elections approach, the PAC's activities will likely be closely watched, especially if it begins to receive significant funding.