A recently formed crypto industry political action committee, Fellowship PAC, has launched with an $11 million budget and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial elections, with initial funding provided by Cantor Fitzgerald and Anchorage Digital. According to Federal Election Commission filings, $10 million was contributed by Cantor Fitzgerald and $1 million by Anchorage Digital.
The $3 million spent on advertising has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. While Tether has been associated with Fellowship PAC since its inception, the majority of its funding comes from Cantor Fitzgerald, which handles Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC.
Fellowship PAC has so far 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 services, with its primary claim to fame being a $1 million donation to MAGA Inc. in 2024.
Anchorage Digital views its contribution as an investment in the US crypto policy process, stating that it is part of their approach to advancing regulatory clarity for digital assets in the United States.