A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with substantial funding of $11 million and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races. According to Federal Election Commission filings, the initial funding consists of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The $3 million advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, which manages Tether's stablecoin business reserves. A representative of Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on the involvement with the super PAC. Fellowship PAC has so far allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as disclosed in Federal Election Commission filings.
Nxum Group has received $3 million in disbursements for advertising services, with its primary previous engagement being a $1 million donation to MAGA Inc. in 2024. Anchorage Digital views its contribution as an investment in the US crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets.
The involvement of Tether executives in Fellowship PAC's operations raises questions about potential direct contributions, given the restrictions on non-US entities participating in US campaign finances.