A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has initiated its operations with substantial financial support, having secured $11 million in funding. Of this amount, $3 million has been allocated for advertising services through a company co-founded by the CEO of Tether US, Bo Hines. The super PAC is primarily focused on providing support to Republican candidates competing in congressional and gubernatorial elections.
According to filings with the Federal Election Commission, the committee has obtained $10 million from Cantor Fitzgerald and $1 million from the cryptocurrency bank Anchorage Digital. The initial $3 million expenditure on political advertising for its preferred candidates has been directed to Nxum Group, a company established by Hines, his father, and another partner.
Although Fellowship PAC has been associated with Tether since its inception and has a senior Tether executive serving as its chairman, the majority of its funding originates from the New York-based financial services giant Cantor, which manages the reserves for Tether's stablecoin business. Cantor's former chief, Howard Lutnick, currently serves as the Commerce Secretary under President Trump, while his children have taken over the business. A representative of Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to provide information regarding their involvement with the super PAC. Upon its public introduction, Fellowship PAC announced its intention to utilize $100 million, a sum rivaling that of the leading cryptocurrency PAC, Fairshake.
The committee's treasurer is an executive at Cantor. To date, the PAC has allocated $300,000 to support Clay Fuller, the newest member of the U.S.
House of Representatives, who recently assumed Marjorie Taylor Green's seat in a Georgia special election; $850,000 to support Nate Morris's candidacy for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts, according to filings with the Federal Election Commission. The filings revealed that Nxum has 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 associated with a $1 million donation of billboard ads to MAGA Inc.
in 2024, shortly before Hines took on a high-profile role at the White House. Upon its formation, Fellowship stated that it had $100 million in pledged backing and would champion transparency in its support for pro-cryptocurrency candidates. However, this level of funding has not yet materialized. Anchorage Digital, the first cryptocurrency-native bank to receive a U.S.
federal charter, characterized its contribution as an investment in the U.S. cryptocurrency policy-making process.
In a statement, the company expressed its commitment to advancing regulatory clarity for digital assets in the United States through a bipartisan approach. Despite the involvement of Tether executives in Fellowship's activities, it remains unclear whether Tether or its U.S.
arm, Tether US, would be able to make direct contributions to the PAC, as non-U.S. entities are not permitted to engage directly in U.S. campaign finance.