A recently established cryptocurrency industry political action committee, known as Fellowship PAC, has commenced operations with $11 million in funding. The PAC has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The primary supporters of the PAC are Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, a crypto bank, providing $1 million.
According to Federal Election Commission filings, the super PAC aims to support Republican candidates in congressional and gubernatorial elections. Nxum Group, which was founded by Hines, his father, and another partner, will handle the PAC's advertising efforts. Although Tether has been closely associated with Fellowship PAC since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. The PAC's treasurer is an executive at Cantor, and its chairman is a senior Tether executive.
So far, Fellowship PAC has 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. The PAC has stated its intention to advocate for transparency and support pro-crypto candidates, with a pledged backing of $100 million. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.