A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with substantial financial support, totaling $11 million. The funding comprises $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. According to Federal Election Commission filings, the PAC has allocated $3 million for advertising services with Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial races.
While Tether has been associated with Fellowship PAC since its inception, the majority of its funding originates from Cantor Fitzgerald, which handles Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request for comment.
The PAC has devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, marking a significant engagement for the company. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.