Overview
- Fellowship reported a $300,000 payment to Nxum Group for ads backing Georgia House candidate Clay Fuller in its first Federal Election Commission expense filing.
- Nxum was co-founded by Bo Hines, now chief executive of Tether US and a former White House crypto adviser, raising concerns about a possible benefit to an industry insider.
- The PAC named Jesse Spiro, a vice president for regulatory affairs at Tether US, as chairman this month, underscoring close ties to the stablecoin issuer’s U.S. arm.
- Tether said its international unit has no affiliation or oversight of Fellowship, and the PAC has not answered questions about its formation, funding, or the Nxum payment.
- Public disclosures still show no contribution receipts despite earlier claims of a $100 million launch pledge, and the initial outlay is small next to the crypto sector’s leading super PAC, Fairshake.