A recently established crypto industry political action committee, known as Fellowship PAC, has commenced operations with substantial backing of $11 million. Notably, it has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC's primary objective is to support Republican candidates in congressional and gubernatorial elections, with initial funding of $10 million provided by Cantor Fitzgerald and $1 million by Anchorage Digital, as per Federal Election Commission filings. The committee's advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner.
Although Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a prominent financial services firm that manages Tether's stablecoin reserves. A representative of Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC. The committee has thus 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, marking a significant engagement for the company. Upon its formation, Fellowship PAC announced a pledged backing of $100 million, emphasizing its commitment to transparency in supporting pro-crypto candidates. Anchorage Digital, a crypto-native bank, characterized its contribution as an investment in the U.S. crypto policy process, underscoring its bipartisan approach to advancing regulatory clarity for digital assets.