A recently established cryptocurrency industry political action committee, known as Fellowship PAC, has initiated its operations with substantial financial backing of $11 million. Notably, it has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, who currently serves as the CEO of Tether US. The super PAC's primary objective is to support Republican candidates competing for congressional and gubernatorial positions. According to filings submitted to the Federal Election Commission, the committee has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a cryptocurrency bank.
The initial $3 million expenditure on political advertising has been channeled to Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a prominent New York-based financial services firm that manages Tether's stablecoin reserves. The company's former chief, Howard Lutnick, now holds the position of Commerce Secretary under President Trump, while his children have taken over the family business.
A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to provide information regarding the company's involvement with the super PAC. Upon its public launch, Fellowship PAC announced its intention to wield $100 million in support of pro-crypto candidates, rivaling the prominent crypto PAC, Fairshake.
The committee's treasurer is an executive at Cantor. The PAC has dedicated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives, who recently assumed Marjorie Taylor Green's seat in a Georgia special election. Additionally, it has allocated $850,000 to back Nate Morris for a U.S.
Senate seat in Kentucky and $350,000 to support incumbent Nebraska Senator Pete Ricketts, according to Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, marking a significant engagement for the company, which previously donated $1 million in billboard ads to MAGA Inc. in 2024. Upon its formation, Fellowship PAC pledged $100 million in backing and emphasized its commitment to transparency in supporting pro-crypto candidates.
However, this level of funding has not yet materialized. Anchorage Digital, the first crypto-native bank to secure a U.S. federal charter, characterized its contribution as an investment in the U.S.
crypto policy process, stating its commitment to advancing regulatory clarity for digital assets in a bipartisan manner.