A newly formed political action committee, the Fellowship PAC, has made its first major expenditure, spending $300,000 on advertising for a Republican candidate through Nxum Group, a firm co-founded by Bo Hines, the current CEO of Tether's US operations. This development marks the PAC's initial foray into the 2026 congressional midterm elections. The Fellowship PAC has been shrouded in mystery, with its connection to Tether, a prominent stablecoin issuer, being a subject of speculation.
Despite its proclaimed commitment to transparency, the PAC has not disclosed details about its formation, funding, or the nature of its relationship with Tether. The payment to Nxum Group may raise questions about potential self-dealing, as Bo Hines is a co-founder of the firm. However, according to Michael Beckel, an expert at Issue One, a political reform organization, there is no blanket prohibition on self-dealing in the context of political committees, as long as services are provided at fair market value.
The Fellowship PAC's advertising effort is aimed at supporting the campaign of Clay Fuller, a Republican candidate for the House of Representatives. Notably, the PAC's disclosures do not indicate a significant accumulation of contributions, despite an earlier announcement that it would be established with pledges of $100 million.
An outside spokesperson for Tether has denied any affiliation or oversight between Tether International and the Fellowship PAC. The PAC's chairman, Jesse Spiro, who is also the vice president of regulatory affairs for Tether's US arm, has not responded to inquiries about the PAC's activities.
The Fellowship PAC's emergence and its ties to Tether have sparked interest in the crypto community, particularly given the potential implications for the regulatory landscape of digital assets in the US.