A recently established crypto industry political action committee, Fellowship PAC, has launched with an impressive $11 million in funding. Notably, it has allocated $3 million for ad 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. According to Federal Election Commission filings, the initial funding came from Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, providing $1 million.
The $3 million spent on advertising has been directed to Nxum Group, which was founded by Hines and his partners. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a prominent financial services firm handling Tether's stablecoin reserves. The PAC's chairman is a senior Tether executive, and its treasurer is an executive at Cantor. The committee 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, marking a significant engagement in the PAC and campaign sphere. Anchorage Digital views its contribution as an investment in the U.S. crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets.