A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with $11 million in funding and has already allocated $3 million for advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races. According to filings with the Federal Election Commission, $10 million of the initial funding came from Cantor Fitzgerald, while $1 million was contributed by Anchorage Digital, a crypto bank.
Nxum Group, which was co-founded by Hines, has received $3 million in disbursements for advertising services. The PAC's chairman is a senior executive at Tether, and its treasurer is an executive at Cantor Fitzgerald. So far, the PAC has allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to FEC filings.
The PAC's formation was announced last year with a pledge of $100 million in backing, aiming to promote transparency and support pro-crypto candidates. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating it is part of its broader approach to advancing regulatory clarity for digital assets in the United States.