A recently formed crypto-focused political action committee, Fellowship PAC, has launched with $11 million in initial funding and has already reserved $3 million in advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The initial $3 million in ad spending is aimed at supporting Republican candidates in congressional and gubernatorial races. The majority of the funding for Fellowship PAC comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
Although Tether has been associated with Fellowship PAC since its inception, the company's involvement is limited due to restrictions on non-US entities participating in US campaign finance. The PAC has allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to FEC filings. Nxum Group, which has received $3 million in disbursements for advertising, has a limited track record in serving PACs or campaigns. Anchorage Digital has described its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.