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

A recently established cryptocurrency-focused political action committee, known as Fellowship PAC, has commenced operations with an $11 million investment. The committee has assigned $3 million for advertising services to Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the PAC's primary funding sources are Cantor Fitzgerald, which contributed $10 million, and Anchorage Digital, a crypto bank that provided $1 million. Nxum Group, which has limited experience in serving PACs, will oversee the committee's advertising efforts. The PAC aims to support Republican candidates in congressional and gubernatorial elections, with initial contributions allocated to Clay Fuller, Nate Morris, and Pete Ricketts. While Tether US executives are involved with the committee, it remains unclear whether the company can make direct contributions due to restrictions on non-US entities participating in US campaign finance.