A recently launched cryptocurrency industry political action committee, known as Fellowship PAC, has commenced operations with an $11 million investment and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial elections, having gathered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, according to filings with the Federal Election Commission.
Its initial advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves.
Cantor's former CEO, Howard Lutnick, currently serves as the US Commerce Secretary, while his children have taken over the family business. A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to discuss their involvement with the super PAC. When Fellowship PAC was first announced, it claimed to have $100 million in pledged support, rivaling the prominent crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor Fitzgerald. Thus far, the PAC has allocated $300,000 to support Clay Fuller, the newest member of the US House of Representatives; $850,000 to back Nate Morris for a US Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts, according to Federal Election Commission filings.
The filings also revealed that Nxum Group has received $3 million in disbursements for advertising services. Prior to this, Nxum Group lacked a significant track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc.
in 2024, shortly before Hines took on a high-profile role at the White House. Upon its formation, Fellowship PAC announced it had $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates, although this level of support has yet to materialize. Anchorage Digital, the first crypto-native bank to receive a US federal charter, described its contribution as an investment in the US crypto policy process. In a statement, the company said, 'Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.' Despite the involvement of Tether executives in Fellowship PAC's activities, it remains unclear whether Tether or its US arm, Tether US, can make direct contributions to the PAC, as non-US entities are prohibited from directly participating in US campaign finances.