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

A recently launched crypto industry political action committee, Fellowship PAC, has kicked off with an $11 million injection, with $3 million allocated for advertising services through Nxum Group, a firm founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has garnered $10 million from financial services giant Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. Its advertising expenditure has been channeled through Nxum Group, which was established by Hines, his father, and another partner. While Tether has been closely linked to Fellowship PAC since its inception, the majority of its funding stems from Cantor Fitzgerald, which 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 thus far dedicated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts. The filings reveal that Nxum has received $3 million for advertising services. Prior to this, Nxum lacked a significant track record in serving PACs or campaigns. Anchorage Digital views its contribution as an investment in the U.S. crypto policy process, aiming to advance regulatory clarity for digital assets. Despite Tether executives' involvement in Fellowship PAC, it is unclear whether Tether or its U.S. arm can make direct contributions due to restrictions on non-U.S. entities in U.S. campaign finances.