A recently launched crypto industry PAC, Fellowship PAC, has commenced operations with an $11 million financial backing and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC aims to support Republican candidates in congressional and gubernatorial races.
According to Federal Election Commission filings, the initial funding comprises $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The $3 million spent on advertising has been disbursed to Nxum Group, which was founded by Hines, his father, and another partner. Although 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 a request for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. When Fellowship PAC was first announced, it claimed to have $100 million in pledged backing, aiming to support pro-crypto candidates and promote transparency. So far, 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 Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising, with its primary claim to fame being a $1 million donation to MAGA Inc.
in 2024. Anchorage Digital has stated that its contribution to Fellowship PAC is an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets. Despite the involvement of Tether executives, it remains unclear whether Tether or its US arm can make direct contributions to the PAC, as non-US entities are not allowed to participate directly in US campaign finances.