A recently launched crypto industry political action committee, known as Fellowship PAC, has begun its operations with an $11 million backing and has allocated $3 million for ad services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital.
The initial $3 million expenditure on political advertising has been channeled to Nxum Group, which was founded by Hines, his father, and another partner. While Fellowship PAC has been associated with Tether since its inception, the majority of its funding stems from New York-based financial services giant Cantor, which handles Tether's stablecoin reserves. Cantor's former chief, Howard Lutnick, now serves as Trump's Commerce Secretary. A representative of Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement.
Upon its launch, Fellowship announced it would utilize $100 million, rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor.
So far, the PAC has allocated $300,000 to support Clay Fuller, the newest U.S. House of Representatives member; $850,000 to back Nate Morris for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. The filings reveal that Nxum has received $3 million in disbursements for advertising, with its primary claim to fame being $1 million in billboard ads donated to MAGA Inc. in 2024.
Anchorage Digital has called its contribution an investment in the U.S. crypto policy process, stating it has made a corporate contribution to the Fellowship PAC as part of its approach to advancing regulatory clarity for digital assets in the United States.