Crypto PAC Receives $11 Million in Funding, Partners with Tether US CEO-Founded Firm for Ad Services

A recently launched crypto industry political action committee, known as Fellowship PAC, has begun its operations with an $11 million funding injection. The PAC has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the initial funding comprises $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. The PAC's advertising expenditure has been directed towards supporting Republican candidates in congressional and gubernatorial elections. While Tether has been closely associated with Fellowship PAC, 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 its involvement with the super PAC. The PAC has so far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. Anchorage Digital described its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.