Crypto PAC Secures $11 Million in Funding, Allocates $3 Million for Ads

A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has begun its operations with a substantial $11 million in funding. The committee has already allocated $3 million for advertising services through a firm co-founded by Tether US CEO, Bo Hines. The super PAC is primarily focusing its support on Republican candidates running for Congress and a governorship, with initial contributions of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. According to Federal Election Commission filings, the $3 million spent on advertising has been channeled through Nxum Group, a company established by Hines and his partners. While Tether has been closely associated with Fellowship PAC, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, and 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, as per filings with the Federal Election Commission. The committee's treasurer is an executive at Cantor, and Nxum has received $3 million in disbursements for advertising services. Anchorage Digital has described its contribution as an investment in the US crypto policy process, stating that it is part of their approach to advancing regulatory clarity for digital assets in the United States.