A newly formed crypto-focused super PAC, The Fellowship PAC, has made its first major expenditure, spending $300,000 on advertising for a Republican candidate through a firm co-founded by Tether's US CEO, Bo Hines. This move marks the PAC's initial foray into the 2026 congressional midterm elections. The Fellowship PAC, which has ties to Tether, has been quiet until now, despite being announced last year with pledges of $100 million.
The PAC's first financial backing went to Georgia Republican Clay Fuller, who recently won a special election. The advertising expenditure was made through Nxum Group, a company co-founded by Hines, who is also a former adviser to President Donald Trump. The PAC's chairman, Jesse Spiro, is a Tether US executive, further solidifying the connection between the PAC and Tether. While the PAC has been touted as a major player in crypto campaign finance, its current accounts show no stockpile of contributions, despite the initial pledge of $100 million.
The Fellowship PAC's activity has raised questions about its funding and potential self-dealing, as US campaign finance rules allow for super PACs to pay for services as long as they are provided at fair market value. As the US midterm elections heat up, the crypto industry is likely to face significant legislative challenges, making the role of super PACs like The Fellowship PAC crucial in shaping the future of crypto legislation.