A recently launched cryptocurrency-focused political action committee, Fellowship PAC, has commenced operations with an $11 million investment and has 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 elections, with $10 million in funding provided by Cantor Fitzgerald and $1 million by Anchorage Digital, according to Federal Election Commission filings. The initial $3 million expenditure on political advertising 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 originates from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves.
Cantor's former CEO, Howard Lutnick, currently serves as the US Commerce Secretary, 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 comment on the company's involvement with the super PAC. When Fellowship PAC was first announced, it declared an intention to allocate $100 million, rivaling the prominent crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor. So far, Fellowship PAC has dedicated $300,000 to support Clay Fuller, the newest member of the US House of Representatives; $850,000 to support Nate Morris for a US 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 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 being a $1 million donation of billboard ads to MAGA Inc.
in 2024, shortly before Hines took a high-profile position at the White House. Upon its formation, Fellowship PAC announced it had $100 million in pledged backing and would champion transparency while supporting pro-crypto candidates, although this level of funding has yet to materialize.
Anchorage Digital, the first crypto-native bank to receive a US federal charter, characterized its contribution as an investment in the US crypto policy process. In a statement, the company said, 'Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.' Despite the involvement of Tether executives in Fellowship PAC's activities, it remains unclear whether Tether or its US arm, Tether US, can make direct contributions to the PAC, as non-US entities are not permitted to participate directly in US campaign finances.