A recently-launched cryptocurrency industry political action committee, Fellowship PAC, has kicked off with an $11 million investment and has already allocated $3 million for advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The super PAC is primarily focused on supporting Republican candidates in congressional and gubernatorial elections.

According to Federal Election Commission filings, $10 million of the initial funding came from Cantor Fitzgerald, while $1 million was contributed by crypto bank Anchorage Digital. The $3 million spent on advertising has been channeled through Nxum Group, which was founded by Hines, his father, and another partner.

Although Fellowship PAC has been linked to Tether since its inception, the majority of its funding originated 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 discuss their involvement with the super PAC.

When Fellowship PAC was first announced, it claimed to have $100 million in pledged support, which would rival the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor.

So far, the PAC 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 revealed that Nxum has received $3 million in disbursements for advertising services.

Prior to this, Nxum had a limited track record of serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024. At the time of its formation, Fellowship PAC stated that it had $100 million in pledged backing and would advocate for transparency in supporting pro-crypto candidates. However, this level of funding has yet to materialize.

Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, described its contribution as an investment in the U.S. crypto policy process. Despite the involvement of Tether executives in Fellowship PAC's work, it remains unclear whether Tether or its U.S.

arm, Tether US, can make direct contributions to the PAC, as non-U.S. entities are not permitted to participate directly in U.S. campaign finances.