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

A newly formed cryptocurrency political action committee, Fellowship PAC, has launched with substantial funding of $11 million and has already allocated $3 million for advertising services to Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial elections, with initial contributions of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, as disclosed in Federal Election Commission filings. Nxum Group, founded by Hines and his partners, has received the $3 million for advertising, marking a significant development in the company's involvement with PACs and campaigns. The PAC's formation and funding have sparked interest, given its association with Tether and its stated goal of promoting transparency in supporting pro-crypto candidates.