A newly formed super PAC, The Fellowship, has made its first major expenditure, spending $300,000 on advertising for a Republican candidate through a company founded by Tether's US CEO, Bo Hines. The PAC, which claims to be rooted in transparency, has ties to Tether, although the company has declined to confirm the connection. The expenditure was made to Nxum Group, a firm co-founded by Hines, who is also a former advisor to President Donald Trump. The move has raised questions about potential self-dealing, although experts note that such practices are not necessarily prohibited under US campaign finance rules, as long as services are provided at fair market value.
The Fellowship PAC's first major expenditure is seen as a significant development in the crypto industry's efforts to influence US politics, particularly with the 2026 congressional midterm elections approaching. The PAC's focus on supporting Republican candidates has also sparked interest, given the potential implications for future crypto legislation.
Despite its claims of transparency, The Fellowship PAC has not disclosed its funding sources, which must be from US-based entities. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation. As the US midterm elections heat up, The Fellowship PAC's activities are likely to be closely watched, particularly in light of the crypto industry's growing efforts to shape US policy.