A newly formed super PAC, The Fellowship, has disclosed its first expenditure, revealing a $300,000 ad buy with Nxum Group, a company co-founded by Bo Hines, who currently serves as the CEO of Tether's US operation and previously worked as an adviser to former President Donald Trump. The Fellowship PAC, which claims to be dedicated to transparency, has been linked to Tether, although the company has declined to confirm this connection.
The PAC's first chairman, Jesse Spiro, is an executive at Tether US, further solidifying the ties between the two entities. The ad buy was made to support Georgia Republican Clay Fuller, who recently won a special election and will require additional campaign funding for the upcoming primary and general elections. The payment to Nxum Group may benefit Hines, who co-founded the company, although it is unclear whether he still has financial ties to the firm. According to campaign finance rules, self-dealing is not prohibited as long as services are provided at fair market value.
The Fellowship PAC's activities have sparked interest, given its potential to influence the crypto industry's legislative agenda. With the US midterm elections underway, the PAC's efforts may have significant implications for the future of crypto legislation.