A recently established 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 super PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial advertising expenditure has been directed towards supporting Republican candidates in congressional and gubernatorial races. While Tether has been closely associated with Fellowship PAC since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
A spokesperson for Tether US was unavailable for comment, and a representative from Cantor declined to discuss their involvement with the super PAC. The PAC has so far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to FEC filings.
Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating it is part of a broader approach to advancing regulatory clarity for digital assets in the United States.