A recently launched crypto-focused political action committee, Fellowship PAC, has commenced operations with an $11 million budget and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the primary objective of supporting Republican politicians in congressional and gubernatorial elections. The initial $3 million expenditure on political advertising has been channeled through Nxum Group, which was established by Hines, his father, and another partner. Although Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding originated 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 super PAC. Upon its public launch, Fellowship PAC announced a $100 million budget, rivaling the leading crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor, and the organization has allocated funds to support various Republican candidates, including Clay Fuller, Nate Morris, and Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, with its primary claim to fame being a $1 million donation to MAGA Inc.
in 2024. 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. Despite the involvement of Tether executives, it is unclear whether Tether or its US arm can make direct contributions to the PAC due to restrictions on non-US entities participating in US campaign finances.