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

A recently established cryptocurrency industry political action committee, known as Fellowship PAC, has launched with substantial backing of $11 million. The committee has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial elections. Its initial funding comprises $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, as disclosed in Federal Election Commission filings. The Nxum Group, founded by Hines and his partners, has received $3 million in disbursements for advertising services. Fellowship PAC's chairman is a senior executive at Tether, while its treasurer is an executive at Cantor. The committee has devoted funds to support various candidates, including Clay Fuller, Nate Morris, and Pete Ricketts. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to promote regulatory clarity for digital assets. Despite Tether's involvement, it is unclear whether the company can make direct contributions to the PAC due to restrictions on non-US entities in US campaign finances.