Tether-Tied PAC Pays Tether US CEO's Company $300K for Ads, Calls It Transparency

Fellowship PAC, the crypto super PAC with ties to Tether, has made its first move in the 2026 U.S. congressional elections —and it went to a company co-founded by Bo Hines, the CEO of Tether US. Because nothing says "draining the swamp" quite like paying yourself to campaign for someone else.

The PAC spent $300,000 with Nxum Group for advertising aimed at Clay Fuller, the Georgia Republican who recently won a special election to replace Marjorie Taylor Greene in the House of Representatives. The payment is notable because Nxum was co-founded by Bo Hines, along with his father Todd Hines and a third partner. Yes, that's right — dad is in on it too. Nothing like keeping it in the family.

Fellowship PAC, which announced itself last year with $100 million in commitments, hasn't yet disclosed any contributions. The PAC's current accounts show zero balance, despite its earlier promises. It also hasn't responded to questions about its formation, funding or the payment that may benefit the Tether US CEO and his relative. $100 million in commitments, zero dollars in the bank, and somehow still finding money to pay Bo Hines' company. That's some impressive financial alchemy.

The timing is interesting: the funds changed hands just as Fuller was winning his special election, according to the filing. However, Fuller wasn't announced among Fellowship's endorsements, and he doesn't have a position on crypto or a grade from Stand With Crypto. He does have Trump's backing, who called him "a wonderful and talented man" on Truth Social. So to summarize: no crypto stance, no endorsement, but definitely got the ad money. Very normal. Very cool.

Setting up a super PAC and paying yourself for services isn't against U.S. campaign-finance rules, as long as the service is provided at fair market value, said Michael Beckel at political reform organization Issue One. "There is no blanket prohibition on self-dealing when we're talking about political committees like this," he said. "The general rule is that services need to be rendered that are bonafide services — actual services — and those rates that are paid have to be fair-market rates." Legal? Probably. Transparent? About as transparent as Tether's reserves.

The PAC named Jesse Spiro, vice president of regulatory affairs for Tether's U.S. arm, as its chairman on April 1. A Tether spokesperson said Tether International has no affiliation or oversight over Fellowship PAC, but didn't respond to questions about Tether US. April Fools? Probably not. Just another day in the crypto regulatory playground.

The firm's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald — the firm that manages assets for Tether's global operation and was run by Trump's Secretary of Commerce Howard Lutnick before he joined the administration. If this web of connections gets any more tangled, we're going to need a flowchart and a stiff drink.

Fellowship's first spending is a drop in the bucket compared to the leading crypto super PAC Fairshake, which has expended millions in early contests. So far, Fellowship is focusing support only on Republicans in deep-red regions. Playing the long game, or just testing the waters? We'll see if this $300K is an appetizer or the whole meal.

"Occasionally, those types of super PAC threats are paper tigers that never materialize," Beckel said. "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." Paper tiger or not, when Tether's involved, it's probably wise to keep an eye on the tiger. They do print money, after all.