Crypto PAC Secures $11 Million in Funding, Partners with Tether US CEO's Ad Firm

A recently established crypto industry political action committee, Fellowship PAC, has launched with substantial backing of $11 million and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial races, with initial funding of $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to Federal Election Commission filings. The PAC's advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative of Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. Fellowship PAC has so far allocated $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 engagement for the company. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.