A recently formed cryptocurrency industry political action committee, Fellowship PAC, has launched with $11 million in initial funding. The PAC has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the PAC's primary funding comes from Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, contributing $1 million. The PAC's advertising efforts, totaling $3 million, are focused on supporting Republican candidates in congressional and gubernatorial races, with specific allocations including $300,000 for Clay Fuller, $850,000 for Nate Morris, and $350,000 for Pete Ricketts.
While Tether US executives are involved with the PAC, it is unclear whether the company can make direct contributions due to restrictions on non-US entities in US campaign finance. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.