TechFlow News, April 12: According to a CoinDesk report, filings submitted by Fellowship—a Super PAC linked to Tether—to the U.S. Federal Election Commission (FEC) reveal that its first $300,000 expenditure went to Nxum Group. Nxum Group was co-founded by Bo Hines—Tether’s U.S. CEO and former cryptocurrency advisor to the Trump administration—along with his father and a third-party partner. The funds were used to purchase campaign advertisements for Clay Fuller, the Republican candidate for Georgia’s U.S. House of Representatives.
Fellowship appointed Jesse Spiro, Vice President of Regulatory Affairs at Tether U.S., as its chairman on April 1. When the committee was announced last year, it received pledges totaling $100 million in funding; however, FEC filings show its current account balance is zero. Tether International stated it has no affiliation with Fellowship, while Tether U.S. declined to comment.
Michael Beckel of Issue One, a political reform organization, noted that it is not illegal under U.S. campaign finance rules for a Super PAC to pay a company affiliated with its founder—as long as the services provided are genuine and the fees charged reflect market rates. Mitchell Nobel, Fellowship’s treasurer, currently works at Cantor Fitzgerald, the firm responsible for managing Tether’s global business assets.
