A recently launched crypto-focused political action committee, Fellowship PAC, has started strong with $11 million in initial funding and has already allocated $3 million for advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the PAC's primary funding sources are Cantor Fitzgerald, which provided $10 million, and Anchorage Digital, which contributed $1 million.
Nxum Group, where Hines serves as a co-founder, has received the $3 million for ad services to support the PAC's preferred candidates. The PAC's chairman is a senior Tether executive, but the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. The company's former CEO, Howard Lutnick, now serves as Commerce Secretary under President Trump, while his children have taken over the business. Fellowship PAC has devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to FEC filings.
The PAC's initial $3 million ad spend has gone to Nxum, a company with limited experience in serving PACs or campaigns. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating it is part of their broader approach to advancing regulatory clarity for digital assets. Despite Tether executives' involvement in Fellowship's work, it is unclear whether Tether or its US arm can make direct contributions to the PAC due to restrictions on non-US entities in US campaign finances.