This month, a newly formed crypto-focused political action committee, Fellowship PAC, launched with $11 million in funding. The committee has already booked $3 million in advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the super PAC has received $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital.
The initial $3 million spent on political advertising for favored candidates has been allocated to Nxum Group, which was founded by Hines, his father, and another partner. While Fellowship PAC has been associated with Tether since its inception, the majority of its funding comes from New York financial-services giant Cantor, which handles the reserves for Tether's stablecoin business. A representative of Tether US did not immediately respond to a request for comment, and a spokeswoman for Cantor declined to comment on its involvement with the super PAC.
The PAC has devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising, with its primary claim to fame being $1 million in billboard ads donated to MAGA Inc. in 2024.
When its formation was announced, Fellowship PAC said it had $100 million in pledged backing and would champion transparency as it supported pro-crypto candidates. Anchorage Digital called its contribution an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its broader approach to advancing regulatory clarity for digital assets in the United States.