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

A recently formed crypto-focused political action committee, Fellowship PAC, has launched with substantial funding of $11 million and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC aims to support Republican candidates in congressional and gubernatorial races. According to Federal Election Commission filings, $10 million of the initial funding came from Cantor Fitzgerald, while $1 million was contributed by Anchorage Digital, a crypto bank. The $3 million advertising expenditure has been directed to Nxum Group, which was established by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, 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 reported in Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, marking a significant engagement for the company. The formation of Fellowship PAC was announced last year with a pledged backing of $100 million, aiming to promote transparency and support pro-crypto candidates. Anchorage Digital views 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.