A recently formed cryptocurrency industry PAC, Fellowship PAC, has launched with $11 million in funding and has allocated $3 million for ad services through Nxum Group, a company 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 its advertising expenditure going to Nxum Group. The PAC is focusing on supporting Republican candidates for Congress and a governorship.
Although Fellowship PAC has been associated with Tether, its primary funding comes 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 comment on their involvement with the PAC. The PAC's treasurer is an executive at Cantor, and it has so far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support 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 has stated that its contribution to the Fellowship PAC is part of its efforts to advance regulatory clarity for digital assets in the United States.