A recently established crypto industry political action committee, known as Fellowship PAC, has commenced operations with an impressive $11 million in financial support. Notably, the committee 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 focused on providing support to Republican candidates competing in congressional and gubernatorial elections.
According to filings submitted to the Federal Election Commission, the committee 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 directed towards 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 originates from Cantor Fitzgerald, a New York-based financial services giant that manages the reserves for Tether's stablecoin business. A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to discuss the company's involvement with the super PAC. Fellowship PAC has thus far allocated $300,000 to support Clay Fuller, a newly elected member of the U.S. House of Representatives; $850,000 to back Nate Morris in his campaign for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. The Federal Election Commission filings reveal that Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum 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. Upon its formation, Fellowship PAC announced that it had secured $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates.
However, this level of funding has not yet materialized. Anchorage Digital, the first crypto-native bank to obtain a U.S.
federal charter, characterized its contribution as an investment in the U.S. crypto policy process, stating that it is part of the company's broader approach to promoting regulatory clarity for digital assets in the United States.