A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has launched with an $11 million investment and has already committed $3 million to advertising services provided by Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the super PAC's primary funding sources are Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, a crypto bank, which donated $1 million.
The PAC is focusing its resources on supporting Republican candidates in various congressional and gubernatorial races. Its advertising expenditures, totaling $3 million, have been channeled through Nxum Group, a company established by Hines and his partners. While Fellowship PAC has been linked to Tether since its inception, with a senior Tether executive serving as its chairman, the majority of its funding originates from Cantor Fitzgerald, a prominent financial services firm that manages Tether's stablecoin reserve. The company's former head, Howard Lutnick, now holds the position of Commerce Secretary under President Trump, and his children have taken over the family business.
A spokesperson for Tether US was unavailable for comment, and a representative from Cantor declined to discuss the company's involvement with the super PAC. Initially, Fellowship PAC announced its intention to wield $100 million in influence, rivaling the prominent crypto PAC, Fairshake. Thus far, the PAC has allocated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives; $850,000 to back Nate Morris in his bid for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. The filings also revealed that Nxum Group has received $3 million in disbursements for advertising services, marking a significant engagement for the company, which previously donated $1 million in billboard ads to MAGA Inc. in 2024.
Anchorage Digital characterized its contribution as an investment in the U.S. crypto policy process, stating its commitment to advancing regulatory clarity for digital assets in a bipartisan manner.