A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has initiated its operations with $11 million in funding. The committee has allocated $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 received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The initial advertising expenditure is aimed at supporting Republican candidates in congressional and gubernatorial elections. While Fellowship PAC has been associated with Tether, its primary funding source is Cantor Fitzgerald, which handles Tether's stablecoin reserves. A significant portion of the advertising budget has been allocated to support specific candidates, including Clay Fuller, Nate Morris, and Pete Ricketts.
The PAC's formation was announced last year with a pledged backing of $100 million, focusing on transparency and support for pro-crypto candidates. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.