A recently established crypto 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 founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in Congressional and gubernatorial races, with $10 million in funding provided by Cantor Fitzgerald and $1 million by crypto bank Anchorage Digital, as per filings with the Federal Election Commission. The initial $3 million expenditure on political advertising for preferred candidates has been channeled to Nxum Group, which was co-founded by Hines, his father, and another partner.
Although Fellowship PAC has been linked to Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. A representative of Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC.
Fellowship PAC has thus far dedicated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives; $850,000 to back Nate Morris for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. The filings also revealed that Nxum 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.
When Fellowship PAC was announced, it claimed to have $100 million in pledged backing and vowed to champion transparency while supporting pro-crypto candidates, a level of funding that has yet to materialize. Anchorage Digital described its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its broader approach to advancing regulatory clarity for digital assets in the United States.