A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with an impressive $11 million in funding. The PAC has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The majority of the funding, $10 million, comes from Cantor Fitzgerald, while $1 million is contributed by Anchorage Digital, a crypto bank.
The PAC's primary focus is on supporting Republican candidates in congressional and gubernatorial races. Its initial ad spending has been directed towards candidates such as Clay Fuller, Nate Morris, and Pete Ricketts, according to Federal Election Commission filings.
Despite its reported association with Tether, the PAC's funding predominantly comes from Cantor Fitzgerald, which handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, while Cantor declined to comment on its involvement. The PAC's treasurer is an executive at Cantor, and its chairman is a senior Tether executive.
Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets. The company stated that its contribution is part of a broader, bipartisan approach to promoting digital asset regulation in the United States.