A recently formed cryptocurrency industry political action committee, Fellowship PAC, has commenced operations with an $11 million investment and has allocated $3 million for advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. According to filings released by the Federal Election Commission, 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 ads for favored candidates has been channeled to Nxum Group, which was founded by Hines, his father, and another partner. While Fellowship PAC has been closely associated with Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding originated from Cantor Fitzgerald, a New York financial services giant that handles Tether's stablecoin reserves.
Cantor's former chief, Howard Lutnick, currently serves as Trump's Commerce Secretary, and his children have taken over the business. A representative of Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. Upon its public launch, Fellowship announced it would wield $100 million, rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor.
To date, the PAC has dedicated $300,000 to support Clay Fuller, the newest U.S. House of Representatives member; $850,000 to back Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts, according to Federal Election Commission filings.
The filings revealed that Nxum has received $3 million in disbursements for advertising. Prior to this, Nxum lacked a significant track record in serving PACs or campaigns, with its primary claim to fame being $1 million in billboard ads donated to MAGA Inc. in 2024.
When its formation was announced, Fellowship stated it had $100 million in pledged backing and would champion transparency as it supported pro-crypto candidates. Anchorage Digital described its contribution as an investment in the U.S. crypto policy process, stating it has made a corporate contribution to the Fellowship PAC as part of its broader approach to advancing regulatory clarity for digital assets in the United States.
Despite the involvement of Tether executives in Fellowship's work, it remains unclear whether Tether or its U.S. arm would be able to make direct contributions to the PAC, as non-U.S. entities are not allowed to participate directly in U.S. campaign finances.