A recently launched cryptocurrency-focused political action committee, Fellowship PAC, has initiated its operations with an $11 million investment and allocated $3 million for advertising services through Nxum Group, a firm founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from financial services giant Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. The PAC's advertising expenditure has been channeled towards supporting Republican candidates in congressional and gubernatorial elections.
While Tether has been closely associated with Fellowship PAC, the majority of its funding stems from Cantor Fitzgerald, which handles the reserves for Tether's stablecoin business. Nxum Group, which has limited experience in serving PACs, has received $3 million in disbursements for advertising services. The PAC's formation was announced last year with a pledged backing of $100 million, aiming to promote transparency and support pro-crypto candidates. Anchorage Digital has termed its contribution as an investment in the US crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets.