A recently launched cryptocurrency political action committee, Fellowship PAC, has begun its operations with an $11 million investment and has 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, a crypto bank, according to Federal Election Commission filings. The initial advertising expenditure has been directed 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 originated 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 discuss the company's involvement with the super PAC. Upon its launch, Fellowship PAC announced a $100 million budget, rivaling the prominent crypto PAC Fairshake, with its treasurer being an executive at Cantor.
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, 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 prior to this engagement. Anchorage Digital has described its contribution as an investment in the U.S.
crypto policy process, aiming to promote regulatory clarity for digital assets in the United States.