The crypto sector's political action committee, Fellowship, has made its first disclosed move in the 2026 U.S. congressional elections, reporting a $300,000 expenditure in a recent federal filing. The payment was directed to Nxum Group, an advertising firm co-founded by Bo Hines, who is also the CEO of Tether US and a former crypto adviser to President Donald Trump. This transaction has ignited significant scrutiny and conflict of interest allegations, given the direct financial link between the Tether-linked Super PAC and a company led by a key Tether executive.
The funds were allocated for advertising to support Clay Fuller, a Republican candidate who recently won a special election to replace Marjorie Taylor Greene in Georgia's House of Representatives. Notably, Fellowship did not publicly announce this ad buy or include Fuller in its earlier endorsement lists, leaving the scope of its support unclear. The PAC has not yet disclosed any incoming contributions and has not responded to questions regarding its funding sources or broader election strategy, creating a disconnect between its earlier positioning as a major crypto political force with $100 million in pledged backing and its current limited financial footprint.
Campaign finance experts, including Michael Beckel of Issue One, clarified that such arrangements are not prohibited under U.S. rules, provided services are legitimate and priced at fair-market value. "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," Beckel said. A spokesperson for Tether International stated it has no affiliation or oversight over the PAC, but no clarification was provided regarding Tether US.
Fellowship's activity reflects a broader effort by the crypto sector to expand its political influence ahead of a potentially decisive election cycle for digital asset regulation. The PAC recently named Jesse Spiro, a Tether US executive, as its chairman and has begun promoting candidates aligned with digital asset policy priorities. In a statement, the organization said it will support "leaders who recognize the importance of fostering economic growth and reinforcing the United States as the global leader in next-generation financial infrastructure."
Despite this positioning, the PAC’s current filings show no available funds beyond the initial expenditure, raising questions about whether the previously cited $100 million in commitments has materialized. Federal disclosures often lag, but the absence of visible funding limits its immediate impact. At the candidate level, Fuller has not publicly outlined a clear stance on crypto policy, indicating that early support may be based more on political alignment than sector-specific advocacy.
Fellowship enters a landscape already dominated by established crypto political players such as Fairshake, which has deployed millions of dollars across early primary contests. By comparison, Fellowship’s initial spending remains limited, suggesting it is still in the early stages of execution. The coming months will determine whether the PAC scales its activity in line with earlier expectations or remains a marginal player in an election cycle likely to influence the direction of U.S. crypto legislation.
