A newly established crypto-focused political action committee, Fellowship PAC, has commenced operations with an impressive $11 million in funding. 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 aims to support Republican candidates in congressional and gubernatorial elections. Its initial funding comprises $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
A representative of Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. Fellowship PAC has so 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 development in its track record of serving PACs and campaigns. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.
The company stated that it has made a corporate contribution to the Fellowship PAC as part of its bipartisan approach to promoting regulatory clarity.