A recently established crypto-focused political action committee, Fellowship PAC, has commenced operations with an $11 million injection of funds. Notably, it 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 primarily supporting Republican candidates in congressional and gubernatorial races. According to filings with the Federal Election Commission, the PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. Its initial advertising expenditure of $3 million has been channeled through Nxum Group, which was founded by Hines and his associates. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
A representative of Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on the company's 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, as per FEC filings. Nxum Group has received $3 million in disbursements for advertising services, marking a significant milestone for the company. Anchorage Digital has described its contribution to the PAC as an investment in the US crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets.