The crypto industry's emerging political action committee, Fellowship PAC, launched with $11 million in funding and has already allocated $3 million for ad services through Nxum Group, a company founded by Tether US CEO Bo Hines and his associates. According to Federal Election Commission filings, the super PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the majority of its funding coming from the New York-based financial services giant. The PAC's initial ad spending has been focused on supporting Republican politicians in various congressional and gubernatorial races.
While Tether has been closely associated with the PAC, the company's involvement is limited due to restrictions on non-US entities participating in US campaign finances. The PAC's treasurer is an executive at Cantor, and its chairman is a senior executive at Tether. Anchorage Digital has stated that its contribution to the PAC is part of its efforts to promote regulatory clarity for digital assets in the US.