Fellowship PAC Spent $300,000 With Nxum Group Co-Founded by Tether U.S. Executive
According to FEC records, Fellowship PAC’s first disclosed $300,000 ad payment backed Georgia Republican Clay Fuller, while the committee named Tether U.S. executive Jesse Spiro as chair and reported a zero balance.
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Fact Check
The claim is strongly supported by the validated CoinDesk article, which explicitly states all key elements: Fellowship PAC's first disclosed $300,000 advertising payment, the payment benefiting Clay Fuller, Jesse Spiro being named chair, and the PAC disclosures still showing a zero balance. The PANews article independently repeats the same reported FEC-based details and links back to the CoinDesk report. Search evidence for The Block also aligns with the Jesse Spiro chairmanship detail, though that source was not directly fetch-validated here. Based on the available evidence, the statement is likely true.
Summary
According to newly referenced FEC filings, Tether-linked Fellowship PAC spent its first disclosed $300,000 on Nxum Group for campaign ads supporting Georgia Republican House candidate Clay Fuller. The filings also show the committee named Tether U.S. executive Jesse Spiro as chair on April 1. Despite previously promoting plans to support crypto-friendly candidates with as much as $100 million, the PAC’s reported account balance is now zero.
Terms & Concepts
- PAC (political action committee): An organization that raises and spends money to support or oppose political candidates or political causes.
- Tether: A major crypto company known for issuing USDT, a stablecoin intended to maintain a fixed value.
- FEC filings: Disclosures submitted to the U.S. Federal Election Commission that report political fundraising, expenditures, and committee financial activity.