Headline: Tether-linked super PAC makes first ad buy — and the vendor is tied to Tether US CEO
A newly public crypto super PAC with ties to Tether has made its first reported expenditure: $300,000 for advertising bought through a firm co-founded by Bo Hines, the former Trump crypto adviser who is now chief executive of Tether US.
What happened
- Fellowship, a super PAC that launched last year promising to marshal big political spending for crypto, disclosed a payment this month to Nxum Group for ads supporting Georgia Republican Clay Fuller. The contribution was reported to the Federal Election Commission as an independent expenditure tied to Fuller’s primary campaign.
- The FEC filing shows the vendor, Nxum, was co-founded by Bo Hines, his father Todd Hines and a third partner. Fellowship named Jesse Spiro — vice president of regulatory affairs at Tether US — as its chairman on April 1.
- CoinDesk and others asked Fellowship and Tether US about the payment and the PAC’s funding; the PAC did not respond, and an outside Tether representative said Tether International has no affiliation or oversight over Fellowship PAC. The representative declined to answer further questions about Tether US and deferred to the PAC.
Why it matters
- The disclosure links a PAC that has been described as tied to Tether with a vendor connected to Tether US leadership, raising questions about potential self-dealing even if it’s not prohibited under U.S. campaign finance law. Michael Beckel of reform group Issue One cautioned that while paying a related firm is not banned, services must be bona fide and charged at fair-market rates.
- Fellowship has previously touted plans for a $100 million war chest to support crypto-friendly candidates, but its filings still show no cash on hand and have not yet revealed major contributions. The $300,000 ad purchase is the PAC’s first public outlay.
- Fellowship’s first independent expenditure came as Fuller won a special election to replace Marjorie Taylor Greene. Fuller, backed by Trump, has not taken a publicly obvious stance on crypto and is not listed with a rating from the advocacy group Stand With Crypto.
Additional context
- Nxum’s prior political activity includes arranging $1 million in billboard ads for MAGA Inc. in 2024. Bo Hines, previously an adviser inside the White House crypto effort who helped advance the 2025 stablecoin law, moved from the administration to a role at Tether less than a year after that campaign.
- The PAC’s treasurer on the FEC filing, Mitchell Nobel, is an executive at Cantor Fitzgerald — a firm that has managed assets for Tether’s global operations and whose former leader, Howard Lutnick, later served as U.S. commerce secretary.
- Fellowship has said it will back candidates who support emerging digital asset technologies and lists a slate of Republican candidates among its endorsements. So far, its spending is small compared with rival crypto super PAC Fairshake, which has already spent millions this cycle.
- Tether US’s stablecoin USAT remains very small by market-cap (about $37 million), raising questions about whether the company alone could bankroll a large PAC.
Bottom line
Fellowship’s first disclosed ad buy draws a direct line between the PAC and a vendor connected to Tether US leadership, spotlighting transparency and conflict-of-interest issues as crypto money flows into U.S. midterm politics. For now, the $300,000 filing is a modest start — but one that could presage more industry-driven spending ahead of critical races shaping the future of crypto policy.
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