A newly-formed crypto industry political action committee, Fellowship PAC, has launched with an impressive $11 million in funding. The committee has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines.
According to Federal Election Commission filings, the super PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the majority of its funding coming from the New York-based financial services giant. The committee's initial ad spending has been focused on supporting Republican candidates in congressional and gubernatorial races. Despite its reported association with Tether, the bulk of Fellowship PAC's funding has come from Cantor Fitzgerald, which handles the reserves for Tether's stablecoin business.
The committee has so far devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, marking a significant development for the company. Anchorage Digital has described its contribution to the Fellowship PAC as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.