Market Data 
A pro- crypto super PAC linked to Tether executives spent $300,000 on its first political ad buy, directing the funds to a firm co-founded by Tether’s U.S. CEO.
Key Takeaways:
- Fellowship PAC filed its first FEC expenditure on April 8, 2026, directing $300,000 to Nxum Group LLC for advertising.
- The ad buy backed Clay Fuller in GA-14, but the PAC’s pledged $100M has not appeared in any FEC contribution filings.
- Jesse Spiro became Fellowship PAC chairman on April 1, 2026, deepening Tether U.S. ties ahead of the November midterms.
Tether-Connected PAC Backs Clay Fuller in GA-14 With $300K Ad Spend
Fellowship PAC filed a 24/48 Hour Report of Independent Expenditures with the Federal Election Commission (FEC) on April 8, 2026, marking its first disclosed spending since forming in 2025. The latest expenditure news was first reported on by Coindesk author Jesse Hamilton on Sunday.
The $300,000 payment went to Nxum Group LLC, based in Dover, Del., for advertising purposes. The disbursement was made on April 6, and the ad reportedly ran publicly on April 7. The filing was signed by PAC treasurer Mitchell Nobel.
The ad supported Clay Fuller, a Republican running for U.S. House in Georgia’s 14th Congressional District. Fuller is a Trump-backed candidate who recently won a special election to succeed former Rep. Marjorie Taylor Greene. Fellowship PAC had not publicly announced the buy or added Fuller to its endorsement list at the time of filing.
The vendor at the center of the disclosure carries its own set of ties. Nxum Group LLC was co-founded by Bo Hines, who serves as CEO of Tether U.S. and previously advised the Trump administration on crypto policy, along with his father, Todd Hines, and a third partner.
Fellowship PAC’s own leadership structure runs through Tether’s U.S. operations. On April 1, 2026, Jesse Spiro, Vice President of Regulatory Affairs and Head of Government Affairs at Tether U.S., was named chairman of the PAC. Nobel, the treasurer, is an executive at Cantor Fitzgerald, the firm that custodies Tether’s dollar reserves.
Hamilton’s report notes that Tether International has stated it has no affiliation with Fellowship PAC. The PAC launched publicly Sept. 15, 2025, announcing more than $100 million in committed funds from undisclosed backers. Despite that pledge, FEC summary data covering Aug. 7 through Dec. 31, 2025, showed zero contributions, zero receipts, and zero cash on hand.
Super PACs are required to disclose contributions over $200. No major donors have appeared in filings to date. The $300,000 outlay is modest relative to what larger crypto PACs have spent in recent election cycles. Fairshake, the industry’s best-funded political operation, spent over $130 million in the 2024 cycle. Fellowship PAC has positioned itself as a distinct effort focused on regulatory clarity and U.S. leadership in digital assets.
Since the April 1 leadership change, the PAC’s X account and website have grown more active. Endorsements include Blake Miguez, Nate Morris, Pete Ricketts, Julia Letlow, and Mike Collins. Besides an endorsement for Alan Wilson for Governor of South Carolina, and the others, the PAC’s social media account showcases its launch announcement in its first post.
Fellowship PAC also endorses the CLARITY Act. “The CLARITY Act brings clear rules, consumer protections, and U.S. leadership in digital assets. Innovation doesn’t wait- Congress shouldn’t either. Pass CLARITY now,” the PAC wrote on Jan. 23, 2026.
Whether the PAC’s reported war chest eventually surfaces in FEC filings will become clearer when the next quarterly report is due around mid-April or in July 2026. Fellowship PAC’s full donor list and total fundraising remain undisclosed pending further filings.
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