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

A recently launched cryptocurrency industry political action committee, Fellowship PAC, has commenced operations with an $11 million investment and has allocated $3 million for advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial elections, with $10 million in funding provided by Cantor Fitzgerald and $1 million by Anchorage Digital, according to Federal Election Commission filings. The initial $3 million advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been closely linked to Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. A representative of Tether US was unavailable for comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. When Fellowship PAC was first announced, it claimed to have $100 million in pledged support, rivaling the prominent crypto PAC Fairshake. The PAC's treasurer is an executive at Cantor, and it has thus far 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, despite having a limited track record in serving PACs or campaigns. Anchorage Digital has described its contribution as an investment in the US crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets. The company stated that it has made a corporate contribution to the Fellowship PAC as part of its bipartisan approach to promoting regulatory clarity in the US.