A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has commenced operations with substantial financial support, having secured $11 million in initial funding. The committee has allocated $3 million for advertising services through a firm co-founded by Tether US CEO, Bo Hines. The super PAC is primarily focusing on supporting Republican candidates in congressional and gubernatorial elections, with its initial funding comprising $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
According to recent Federal Election Commission filings, the committee's advertising expenditures have been channeled through Nxum Group, a company established by Hines and his associates. Although Fellowship PAC has been closely associated with Tether, the majority of its funding originated from Cantor Fitzgerald, a prominent financial services firm that handles Tether's stablecoin reserves.
A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. The committee's treasurer is an executive at Cantor, and the PAC has so far allocated $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, marking a significant engagement for the firm. Anchorage Digital characterized its contribution as an investment in the US crypto policy process, emphasizing its commitment to promoting regulatory clarity for digital assets. The company stated that its corporate contribution to Fellowship PAC is part of its broader, bipartisan approach to advancing the US crypto industry.