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

The cryptocurrency industry's emerging political action committee, Fellowship PAC, launched this month with $11 million in backing and has allocated $3 million for ad services through Nxum Group, a company founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, $10 million of the initial funding came from Cantor Fitzgerald, while $1 million was contributed by crypto bank Anchorage Digital. The super PAC is focusing its support on Republican politicians running for Congress and a governorship. While Tether has been closely associated with Fellowship PAC since its inception, the majority of its funding originated 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. The PAC has devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Nxum Group received $3 million in disbursements for advertising, despite having a limited track record in serving PACs or campaigns prior to this engagement. Anchorage Digital described its contribution as an investment in the US crypto policy process, stating it is part of their broader approach to advancing regulatory clarity for digital assets in the United States.