A recently formed crypto industry political action committee, known as Fellowship PAC, has initiated its operations with an $11 million financial backing. The committee has assigned $3 million for advertising services to Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in Congress and a governorship, with $10 million in funding provided by Cantor Fitzgerald and $1 million by crypto bank Anchorage Digital, as per Federal Election Commission filings. Nxum Group, founded by Hines, his father, and another partner, has received $3 million for advertising services.
While Tether has been closely associated with Fellowship PAC, the majority of its funding originates from Cantor Fitzgerald, which handles Tether's stablecoin reserves. A representative from Tether US did not immediately respond to comment requests, and a Cantor spokesperson declined to discuss their involvement with the super PAC.
The PAC has allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as per Federal Election Commission filings. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.