A recently formed cryptocurrency industry political action committee, Fellowship PAC, has launched with $11 million in funding 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 is primarily supporting Republican candidates in congressional and gubernatorial races, with $10 million in funding coming from Cantor Fitzgerald and $1 million from Anchorage Digital, according to Federal Election Commission filings. The initial $3 million in advertising expenditures have been directed towards Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been linked to Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
Cantor Fitzgerald's former CEO, Howard Lutnick, currently serves as Commerce Secretary under President Trump, and his children now oversee the business. A representative from Tether US did not immediately respond to a request for comment, while a Cantor Fitzgerald spokeswoman declined to comment on the company's involvement with the super PAC.
When Fellowship PAC was first announced, it claimed to have $100 million in pledged backing, aiming to promote transparency while supporting pro-crypto candidates. So far, the PAC has allocated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives; $850,000 to back Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts.
The Federal Election Commission filings reveal that Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum lacked a significant track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024.
Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, views its contribution as an investment in the U.S.
crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its bipartisan approach to advancing regulatory clarity for digital assets in the United States.