A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with an initial $11 million in funding and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the majority of its funding coming from the New York-based financial services giant.
The super PAC aims to support Republican candidates in congressional and gubernatorial races, with its initial ad spending going towards Nxum Group, a relatively new company with limited experience in serving PACs or campaigns. The PAC's formation and funding have raised questions about the involvement of Tether executives and the potential for direct contributions from non-US entities.