A recently launched crypto industry political action committee, Fellowship PAC, has begun its operations with an $11 million financial backing and has already allocated $3 million for advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with its initial advertising expenditure going to Nxum Group. Although Fellowship PAC has been associated with Tether, the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
The PAC has devoted funds to support various Republican politicians, including Clay Fuller, Nate Morris, and Pete Ricketts, and has announced its goal of promoting transparency and supporting pro-crypto candidates. Anchorage Digital has stated that its contribution to the PAC is part of its efforts to advance regulatory clarity for digital assets in the United States.