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

A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has launched with substantial financial support of $11 million. The committee has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC is focusing its efforts on supporting Republican candidates for Congress and a governorship. According to filings with the Federal Election Commission, the committee has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million spent on advertising has been disbursed to Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. The committee has so 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 prior to this engagement. Anchorage Digital has described its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets in a bipartisan approach.