A recently formed crypto-focused political action committee, Fellowship PAC, has launched with an $11 million injection of funds and has allocated $3 million for advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines and his associates. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from financial services giant Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. The PAC's advertising expenditure has been channeled towards supporting Republican candidates in congressional and gubernatorial races. Although Tether has been closely linked to Fellowship PAC, the majority of its funding stems from Cantor Fitzgerald, which manages Tether's stablecoin reserves.
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, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as per Federal Election Commission filings.
Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. When Fellowship PAC was announced, it claimed to have $100 million in pledged support and vowed to champion transparency in supporting pro-crypto candidates, although this level of funding has yet to materialize.
Anchorage Digital views its contribution as an investment in the US crypto policy process, stating that it has made a corporate contribution to Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.