A recently established cryptocurrency industry super PAC, Fellowship PAC, has launched with an $11 million investment 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 provided by Cantor Fitzgerald and $1 million from Anchorage Digital, according to Federal Election Commission filings. The initial $3 million advertising expenditure has been directed towards Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves.
A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. Fellowship PAC has so far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns.
Anchorage Digital views its contribution as an investment in the US crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.