The first ad spending by the Tether-linked super PAC flows to a company associated with its own CEO, raising market concerns.

Odaily reports that, according to disclosure documents, the Tether-affiliated super political action committee Fellowship PAC completed its first expenditure ahead of the 2026 US Congressional midterm elections, paying approximately $300,000 to Nxum Group, a company co-founded by Bo Hines, to provide advertising services for Republican candidates.

Bo Hines currently serves as Tether’s Head of US Operations and previously acted as a digital asset policy advisor in the Trump administration. Fellowship PAC’s chairman, Jesse Spiro, is also from Tether US.

Public records show that Nxum Group was co-founded by Bo Hines and his partners. This transaction took place as the PAC submitted its first expenditure report to the US Federal Election Commission (FEC). The PAC had previously claimed it would invest up to $100 million to support crypto-friendly candidates, but its current account disclosure shows funds remain close to zero.

According to US campaign finance rules, it is not illegal for political committees to pay associated parties for services, but these payments must adhere to “fair market value” principles, prompting external discussions about potential conflicts of interest.

Meanwhile, Fellowship PAC has begun targeted advertising and candidate support in Republican elections. It is seen as one of the new political influence instruments for the crypto industry in the 2026 election cycle, but questions remain regarding the transparency of its funding sources and actual operations. (CoinDesk)