A newly launched crypto-focused political action committee, Fellowship PAC, has initiated its operations with an $11 million investment, allocating $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the primary objective of supporting Republican candidates in congressional and gubernatorial elections. The initial $3 million expenditure on political advertising has been channeled through Nxum Group, which was established by Hines, his father, and another partner.
Although Tether has been closely associated with Fellowship PAC since its inception, the majority of its funding originates from Cantor Fitzgerald, a prominent New York-based financial services firm that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to discuss the company's involvement with the super PAC. As of now, Fellowship PAC has dedicated $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, with its primary claim to fame being a $1 million donation to MAGA Inc. in 2024.
Anchorage Digital, the first crypto-native bank to obtain a U.S. federal charter, views its contribution as an investment in the U.S. crypto policy process, aiming to promote regulatory clarity for digital assets. Despite the involvement of Tether executives in Fellowship PAC's operations, it remains unclear whether Tether or its U.S.
arm can make direct contributions to the PAC, as non-U.S. entities are prohibited from participating in U.S. campaign finances.