A newly formed super PAC, The Fellowship, with reported ties to Tether, has disclosed its first financial contribution ahead of the 2026 US congressional midterm elections. The PAC spent $300,000 on advertising for Republican candidate Clay Fuller through Nxum Group, a firm co-founded by Bo Hines, who currently serves as the CEO of Tether's US operations and previously advised President Donald Trump on crypto matters. This expenditure marks The Fellowship's entry into the US midterm elections, following its introduction last year as a major crypto campaign-finance player. Despite its announced intentions and reported connections to Tether, the PAC had not previously participated in the elections.
The Fellowship's chairman, Jesse Spiro, is also an executive at Tether US, further solidifying the connection between the PAC and the cryptocurrency company. According to campaign finance rules, setting up a super PAC and paying for services is not prohibited as long as the services are provided at fair market value. The Fellowship's support for Fuller, who recently won a special election, is its first public endorsement, but the PAC has also listed its backing for several other Republican candidates seeking office.
The PAC's actions and connections have raised questions about its transparency and potential self-dealing, given the ties between its leadership and the firms it is paying for services. As the US midterm elections progress, the role of crypto-related PACs like The Fellowship is under scrutiny, particularly in terms of their influence on future cryptocurrency legislation.