A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has initiated its operations with substantial backing of $11 million. The committee has allocated $3 million for advertising services through a firm co-founded by Bo Hines, the CEO of Tether US.
According to filings with the Federal Election Commission, the super PAC has received $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. The initial advertising expenditure of $3 million has been channeled through Nxum Group, a company established by Hines, his father, and another partner. While Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. The committee has dedicated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as per Federal Election Commission filings.
Nxum Group has received $3 million in disbursements for advertising services, marking a significant development in its track record of serving PACs and campaigns. Anchorage Digital has described its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.