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

The cryptocurrency industry's latest political action committee, Fellowship PAC, has launched with an initial $11 million in funding and has booked $3 million in advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines and his associates. According to Federal Election Commission filings, $10 million of the PAC's funding comes from Cantor Fitzgerald, while $1 million is contributed by Anchorage Digital, a crypto bank. The PAC's advertising expenditure has been allocated to support various Republican politicians, including Clay Fuller, Nate Morris, and Pete Ricketts, with $300,000, $850,000, and $350,000 devoted to their respective campaigns. Nxum Group, which has received $3 million in disbursements for advertising, has a limited track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024. Anchorage Digital has described its contribution to the Fellowship PAC as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets in a bipartisan manner. Despite the involvement of Tether executives in the PAC's work, it remains unclear whether Tether or its US arm can make direct contributions to the PAC due to restrictions on non-US entities in US campaign finances.