The Fellowship PAC, a recently launched cryptocurrency industry political action committee, has started strong with $11 million in initial funding. Of this, $3 million has been allocated for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The majority of the PAC's funding, $10 million, comes from Cantor Fitzgerald, while $1 million is contributed by Anchorage Digital, a crypto bank. The PAC's advertising efforts, handled by Nxum Group, focus on supporting Republican candidates in congressional and gubernatorial races.
Notable recipients of the PAC's support include Clay Fuller, Nate Morris, and Pete Ricketts, with allocated amounts of $300,000, $850,000, and $350,000 respectively. Despite its reported association with Tether, the PAC's primary funding source is Cantor Fitzgerald, a New York-based financial services giant. The involvement of Tether executives in the PAC's operations raises questions about potential direct contributions from Tether or its US arm, given restrictions on non-US entities participating in US campaign finances.