A recently established crypto-focused political action committee, Fellowship PAC, has commenced operations with an $11 million backing and has already allocated $3 million for advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, with $10 million in funding provided by Cantor Fitzgerald and $1 million by Anchorage Digital, as disclosed in the Federal Election Commission filings.
The initial advertising expenditure of $3 million has been directed to Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative of Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC.
The PAC has thus far dedicated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. When Fellowship PAC was announced, it claimed to have $100 million in pledged backing and vowed to champion transparency in supporting pro-crypto candidates, although this level of funding has not yet materialized.
Anchorage Digital, the first crypto-native bank to obtain a U.S. federal charter, characterized its contribution as an investment in the U.S.
crypto policy process, stating that it is part of the company's broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.