A recently formed crypto-focused political action committee, Fellowship PAC, has commenced operations with an $11 million budget, with $3 million already allocated to advertising services provided by Nxum Group, a firm founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million expenditure on political advertising has been channeled through Nxum Group, which was established by Hines, his father, and another partner.
While Fellowship PAC has been linked to 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. Cantor's former CEO, Howard Lutnick, currently serves as Commerce Secretary under President Donald Trump, and his children have taken over the business.
A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. Initially, Fellowship PAC announced it would have $100 million at its disposal, rivaling the prominent crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor. The PAC has thus far dedicated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives; $850,000 to back Nate Morris for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns prior to this engagement. Anchorage Digital has characterized its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.