A newly formed political action committee, Fellowship, linked to the cryptocurrency firm Tether, disclosed its first financial transaction ahead of the 2026 congressional midterm elections. The $300,000 expenditure was allocated for advertising services provided by Nxum Group, co-founded by Bo Hines—a former crypto adviser to President Donald Trump and current CEO of Tether US.
Despite its prior announcements as a significant player in crypto campaign finance, Fellowship had not yet engaged in U.S. midterm elections until this recent federal disclosure revealed its inaugural expenditure. Although the PAC’s connection to Tether was suggested from its inception, formal confirmation was absent until April 1, when it appointed Jesse Spiro, vice president of regulatory affairs at Tether US, as chairman.
Subsequent to this appointment, Fellowship filed a quiet expense report with the Federal Election Commission for purchasing ads supporting Georgia Republican Clay Fuller through Nxum Group. Despite Fellowship’s self-description as being ‘rooted in transparency,’ it has yet to address inquiries from CoinDesk regarding its formation and funding details, including payments that might benefit Tether US CEO Jesse Spiro.
Michael Beckel of the political reform group Issue One clarified that U.S. campaign-finance laws permit setting up a super PAC and compensating oneself for services, provided these are conducted at fair market value and represent legitimate services.
The details surrounding Fellowship’s advertising efforts on behalf of House candidate Fuller remain vague beyond the FEC disclosure indicating funds were allocated to Nxum Group for his primary election campaign. Notably, this transaction coincided with Fuller’s victory in a special election. Despite announcing last year that it would commence with $100 million in pledges, the PAC’s current financial disclosures show no existing contributions.
Tether International has denied any affiliation or oversight over Fellowship PAC and deferred further inquiries to the PAC itself, which has yet to respond. The PAC resumed activity this month by endorsing Republican politicians for House and Senate seats, including South Carolina gubernatorial candidate Alan Wilson, via their X social media feed, promoting candidates supportive of digital asset technologies.
Fuller, who recently won a special election to replace Marjorie Taylor Greene in the House, is yet to declare his stance on crypto issues. Despite lacking an endorsement from Fellowship, he will need campaign support for upcoming elections. The expenditure by Fellowship PAC was classified as independent, not coordinated with Fuller’s campaign.
Nxum Group, which engaged Bo Hines among its owners during his time as a White House official, lacks federal records of being a regular political service provider aside from its prior $1 million billboard advertising contribution to MAGA Inc. in support of Trump. Hines later joined Tether after leaving the presidential role.
Cantor Fitzgerald executive Mitchell Nobel serves as the PAC’s treasurer, with the firm managing assets for Tether globally under Howard Lutnick, former Commerce Secretary and Cantor Fitzgerald leader before joining the administration.
Announced last year as a departure from prior political efforts, Fellowship emphasized transparency and support for the broader crypto ecosystem over narrow interests. The promised $100 million could already be in the PAC’s reserves, as federal disclosures often lag financial activities.
Tether US’s stablecoin, USAT, with a market cap of approximately $37 million, suggests that Tether may not independently fund such a super PAC at this time.
“Occasionally, those types of super PAC threats are paper tigers that never materialize,” said Beckel. “But we’re seeing in this day and age that massive spending by an industry is something that lawmakers are taking seriously and taking note of.” As the U.S. midterm elections progress, with many primaries already concluded or imminent, Fellowship has yet to match the financial influence of other crypto super PACs like Fairshake.
Should a Democratic majority emerge in the House—an 87% probability according to Polymarket—there could be shifts in legislative priorities affecting Trump’s policies and an investigation into his administration. Even with challenging odds for Democrats in Senate races, the likelihood has improved, suggesting potential bipartisan support needs for the crypto industry.
Fellowship still has time to make a significant impact on future crypto legislation by focusing its efforts on Republican candidates from predominantly red districts. Should these candidates win, they may face challenges adapting to a potentially shifting political landscape next year.