A recently formed crypto-focused political action committee, Fellowship PAC, has launched with an $11 million investment, with $3 million allocated for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The PAC's initial advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner.
While 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 handles Tether's stablecoin reserves. A representative from Tether US did not respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. The PAC has so far allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, marking a significant development in its track record of serving PACs and 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 approach to advancing regulatory clarity for digital assets in the United States.