New Crypto PAC Secures $11 Million in Funding, Partners with Firm Co-Founded by Tether US CEO

A newly formed cryptocurrency political action committee, Fellowship PAC, has launched with substantial financial support, securing $11 million in funding and allocating $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the majority of its funding originating from the New York-based financial services giant. The PAC's initial advertising expenditures have been channeled through Nxum Group, which was founded by Hines, his father, and another partner. While Fellowship PAC has been closely associated with Tether since its inception, the bulk of its funding has come from Cantor Fitzgerald, which handles the reserves for Tether's stablecoin business. A representative of Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. The PAC has devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, marking a significant development for the company, which previously had a limited track record in serving PACs or campaigns. Anchorage Digital has characterized its contribution as an investment in the US crypto policy process, stating that it is part of their broader approach to advancing regulatory clarity for digital assets in the United States.