A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has initiated its operations with substantial financial backing of $11 million. The committee has allocated $3 million for advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines. The primary supporters of the PAC include Cantor Fitzgerald, which contributed $10 million, and Anchorage Digital, a crypto bank that donated $1 million. According to Federal Election Commission filings, the PAC's advertising expenditures have been directed towards supporting Republican candidates in various congressional and gubernatorial races.
The committee's initial funding and partnerships have sparked interest due to the involvement of Tether executives and the significant financial contributions from established financial institutions. The PAC's treasurer is an executive at Cantor, and the company's former chief now serves as the Commerce Secretary. The committee has devoted substantial funds to support specific candidates, including $300,000 for Clay Fuller, $850,000 for Nate Morris, and $350,000 for Senator Pete Ricketts.
The Nxum Group, which received $3 million in disbursements for advertising, had previously donated $1 million in billboard ads to MAGA Inc. in 2024.
Anchorage Digital has described its contribution as an investment in the US crypto policy process, aiming to promote regulatory clarity for digital assets. The involvement of Tether executives in the PAC's activities has raised questions about potential direct contributions from Tether or its US arm, given the restrictions on non-US entities participating in US campaign finances.