A recently established crypto industry political action committee, Fellowship PAC, has launched with substantial funding of $11 million and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial races, with initial funding of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The $3 million advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner.
Although Fellowship PAC has been linked to Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. Cantor's former CEO, Howard Lutnick, currently serves as the US Commerce Secretary, and his children now oversee the business. A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC. Initially, Fellowship PAC announced plans to utilize $100 million, rivaling the prominent crypto PAC Fairshake, with a Cantor executive serving as its treasurer.
The PAC has allocated $300,000 to support Clay Fuller, the newest member of the US House of Representatives; $850,000 to back Nate Morris for a US Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. Anchorage Digital, the first crypto-native bank to receive a US federal charter, views its contribution as an investment in the US crypto policy process, stating that it is part of a broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.