A newly formed crypto-focused political action committee, Fellowship PAC, has launched with an impressive $11 million in funding and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital. The initial $3 million spent on advertising has been directed towards supporting Republican candidates in various congressional and gubernatorial races.
While Tether has been closely associated with Fellowship PAC, the majority of its funding originates from Cantor Fitzgerald, a prominent financial-services firm that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to discuss their involvement with the super PAC.
The PAC has thus far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as disclosed in Federal Election Commission filings. Nxum Group, which has received $3 million in disbursements for advertising, previously donated $1 million in billboard ads to MAGA Inc.
in 2024. Upon its formation, Fellowship PAC announced it had secured $100 million in pledged backing and aimed to champion transparency while supporting pro-crypto candidates, although this level of funding has not yet materialized. Anchorage Digital viewed its contribution as an investment in the U.S. crypto policy process, stating 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.