A recently formed crypto industry political action committee, known as Fellowship PAC, has launched with substantial backing of $11 million. It has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital.
The initial $3 million spent on political advertising is aimed at supporting Republican politicians in various races. While Fellowship PAC has been linked to Tether, its primary funding source is Cantor Fitzgerald, a New York-based financial services giant that handles reserves for Tether's stablecoin business. The PAC's chairman is a senior executive at Tether, and its treasurer is an executive at Cantor.
The committee has devoted significant funds to support several candidates, including Clay Fuller, Nate Morris, and Pete Ricketts. Nxum Group, which received $3 million in disbursements for advertising, had previously donated $1 million in billboard ads to MAGA Inc.
in 2024. Anchorage Digital has stated that its contribution to Fellowship PAC is part of its efforts to advance regulatory clarity for digital assets in the United States.