A recently established crypto industry political action committee, Fellowship PAC, has launched with $11 million in funding and has already allocated $3 million for advertising services through Nxum Group, a company co-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 coming from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank, according to filings with the Federal Election Commission. The initial $3 million advertisement expenditure has been channeled through Nxum Group, which was 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 originated from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative from 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 so far allocated $300,000 to support Clay Fuller, a new 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, according to Federal Election Commission filings. The filings also revealed that Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record of serving PACs or campaigns prior to this. 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 efforts to advance regulatory clarity for digital assets in the United States.