A recently formed crypto-focused 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 aims to support Republican candidates in congressional and gubernatorial races. According to Federal Election Commission filings, $10 million of the initial funding came from Cantor Fitzgerald, while $1 million was contributed by Anchorage Digital, a crypto bank. The $3 million spent on advertising has been directed towards Nxum Group, which was founded by Hines, his father, and another partner.
Although Fellowship PAC has been linked to Tether since its inception, 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, and a Cantor spokesperson declined to comment on their involvement with the super PAC. The PAC has so far allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings.
Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating that it is part of their bipartisan approach to advancing regulatory clarity for digital assets in the United States.