The Fellowship PAC, tied to Tether, has disclosed its first contribution ahead of the 2026 congressional midterm elections. The $300,000 expenditure was made to Nxum Group, a firm co-founded by Bo Hines, who now serves as the chief executive of Tether's US arm. The PAC, which claims to be 'rooted in transparency,' has not responded to questions about its formation, funding, or the payment that may benefit Hines and his relative.
According to Michael Beckel, an expert at Issue One, a political reform organization, setting up a super PAC and paying oneself for services is not against US campaign-finance rules, as long as the services are provided at fair market value. The PAC's first advertising effort is on behalf of House of Representatives candidate Clay Fuller, a Republican from Georgia. The funds were spent just as Fuller was winning his special election. The PAC's disclosures do not yet show a significant stockpile of contributions to back other candidates, despite an announcement last year that it would be established with pledges of $100 million.
An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over Fellowship PAC. The PAC became active again this month when it announced its chairman would be Jesse Spiro, the vice president of regulatory affairs for Tether's US arm. The PAC has begun listing endorsements for Republican politicians seeking House and Senate seats, as well as a candidate for governor in South Carolina, on its social media feed.
The PAC says it is backing advocates of emerging digital assets technology. The first recipient of financial support from the Fellowship PAC, Fuller, is an incoming Republican member of the House of Representatives.
The money spent by the Fellowship super PAC was an independent expenditure, meaning it had to be handled without strategizing with Fuller's campaign. The firm paid by Fellowship PAC, Nxum, included Bo Hines among its owners when he filed ethics disclosures last year as a White House official.
It is unclear whether financial ties remain between Hines and Nxum. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation.
When Fellowship was announced as a new PAC last year, it was presented as a contrast from previous political engagement, aiming to help the broader crypto ecosystem and not 'narrow or individual interests.' The relatively young Tether US's stablecoin, USAT, has a market cap of about $37 million, suggesting the firm may not have the independent resources yet to fund a major PAC. The rival crypto super PAC, Fairshake, has expended millions in the early contests, and the US midterm elections are already well underway. If the US House is taken over by a Democratic majority, the committees there will likely shift their agenda to challenge Trump's legislative efforts and investigate the administration's actions.