A recently formed crypto-focused political action committee, Fellowship PAC, has started strong with $11 million in funding and has already allocated $3 million for advertising through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, with $10 million in funding coming from Cantor Fitzgerald and $1 million from Anchorage Digital, as per Federal Election Commission filings.
The initial $3 million ad spend has been directed towards 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 originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. Fellowship PAC has so far committed $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 services, despite having a limited track record in serving PACs or campaigns prior to this.
Anchorage Digital has described its contribution as an investment in the US crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets in a bipartisan manner.