A newly formed crypto industry political action committee, Fellowship PAC, has launched with substantial funding of $11 million and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, with $10 million in funding provided by Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank, according to recent Federal Election Commission filings. 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, and a Cantor spokesperson declined to discuss their involvement with the super PAC. Upon its public launch, Fellowship PAC announced plans to utilize $100 million, rivaling the prominent crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor Fitzgerald. So far, the PAC has allocated $300,000 to support Clay Fuller, the newest U.S. House of Representatives member from Georgia; $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 lacked a significant 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, shortly before Hines took on a high-profile role at the White House.
Upon its formation, Fellowship PAC pledged $100 million in backing and vowed to champion transparency while supporting pro-crypto candidates, although this level of funding has not yet materialized. Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, views its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its bipartisan approach to advancing regulatory clarity for digital assets in the United States.