The crypto industry's newly formed political action committee, Fellowship PAC, has commenced operations with an impressive $11 million in funding. Notably, the committee has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines.
According to recent Federal Election Commission filings, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million expenditure on political advertising 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 New York-based financial services giant that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC.
Initially, Fellowship PAC announced a $100 million war chest, rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor. So far, the committee has allocated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives; $850,000 to back Nate Morris for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. The Federal Election Commission filings reveal that Nxum has received $3 million in disbursements for advertising services.
Prior to this, Nxum had a limited track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024.
Upon its formation, Fellowship PAC pledged $100 million in backing and vowed to champion transparency in supporting pro-crypto candidates. However, this level of funding has yet to materialize. Anchorage Digital, the first crypto-native bank to obtain a U.S. federal charter, views its contribution as an investment in the U.S.
crypto policy process. The company stated, 'Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.' Despite the involvement of Tether executives in Fellowship's activities, it remains unclear whether Tether or its U.S.
arm can make direct contributions to the PAC, as non-U.S. entities are prohibited from directly participating in U.S. campaign finances.