A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has commenced operations with an $11 million investment and has thus far allocated $3 million for advertising services to Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US, alongside his father and another business partner. The super PAC is primarily focusing its support on Republican candidates competing in congressional and gubernatorial elections. According to filings with the Federal Election Commission, the initial funding of $10 million and $1 million, respectively, was provided by Cantor Fitzgerald and Anchorage Digital.
The $3 million allocated for advertising is intended to support favored candidates, with $300,000 dedicated to Clay Fuller, $850,000 to Nate Morris, and $350,000 to Pete Ricketts, as disclosed in Federal Election Commission filings. Nxum Group, which has a limited track record in serving PACs or campaigns, received $3 million in disbursements for advertising services. The formation of Fellowship PAC was announced last year, with a pledged backing of $100 million and a commitment to champion transparency in supporting pro-crypto candidates.
However, the promised level of funding has yet to materialize. Anchorage Digital characterized its contribution as an investment in the U.S. crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets in the United States.