A newly formed cryptocurrency industry political action committee, known as Fellowship PAC, has commenced operations with an $11 million investment and has reserved $3 million in advertising services from Nxum Group, a company founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial elections, with initial funding coming from Cantor Fitzgerald and crypto bank Anchorage Digital, according to filings with the Federal Election Commission.
The $3 million allocated for advertising has been awarded to Nxum Group, a company with limited experience in serving PACs or campaigns, but has previously donated $1 million in billboard ads to MAGA Inc. The PAC has so far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Despite its reported association with Tether, the majority of Fellowship's funding originated from Cantor Fitzgerald, which manages the reserves for Tether's stablecoin business. Anchorage Digital has described its contribution as an investment in the U.S.
crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets in a bipartisan manner.