A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has begun its operations with $11 million in funding and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The initial $3 million spent on advertising has been directed towards supporting Republican candidates in Congress and a governorship. While Fellowship PAC has been associated with Tether since its inception, the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
A representative from Tether US did not respond to requests for comment, and Cantor Fitzgerald declined to comment on its involvement with the PAC. 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. Nxum Group, which has received $3 million in disbursements for advertising, previously donated $1 million in billboard ads to MAGA Inc. in 2024.
Anchorage Digital stated that its contribution to the PAC is part of its efforts to advance regulatory clarity for digital assets in the US.