A recently established crypto industry political action committee, Fellowship PAC, has launched with an $11 million backing and has allocated $3 million for ad services to Nxum Group, a company founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates for Congress and governor, with $10 million in funding from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. Nxum Group, founded by Hines and his partners, has received $3 million in disbursements for advertising services.
The PAC's funding and operations have raised questions about the involvement of Tether executives and the company's potential contributions, given restrictions on non-U.S. entities in U.S. campaign finance.
Despite its reported association with Tether, the bulk of Fellowship PAC's funding came from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. Anchorage Digital, which contributed $1 million to the PAC, views its investment as part of a broader effort to advance regulatory clarity for digital assets in the United States.