Crypto PAC Secures $11 Million in Funding, Allocates $3 Million for Ads

A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has commenced its activities with an $11 million financial backing. It has allocated $3 million for advertising services through a firm co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial elections, with initial funding of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. According to Federal Election Commission filings, the $3 million spent on advertising has been disbursed to Nxum Group, a company established by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding comes from Cantor Fitzgerald, which handles Tether's stablecoin business reserves. A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. The PAC has allocated $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. Prior to this, Nxum Group did not have significant experience serving PACs or campaigns. Anchorage Digital described its contribution as an investment in the US crypto policy process, stating it is part of their approach to advance regulatory clarity for digital assets in the United States.