A recently established cryptocurrency industry political action committee, known as Fellowship PAC, has initiated its operations with an $11 million investment. The PAC has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US.
The super PAC aims to support Republican candidates in congressional and gubernatorial elections, with initial funding of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, as per Federal Election Commission filings. Nxum Group, founded by Hines, his father, and another partner, has received $3 million in disbursements for advertising services. The PAC's chairman is a senior executive at Tether, while its treasurer is an executive at Cantor. The committee has so far devoted $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.
Despite its reported association with Tether, the majority of the PAC's funding comes from Cantor Fitzgerald, which handles Tether's stablecoin reserves. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.