The cryptocurrency industry's emerging political action committee, Fellowship PAC, has initiated its operations with an $11 million investment and has booked $3 million in advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with its initial $3 million expenditure on political advertising going to Nxum Group. The company, founded by Hines, his father, and another partner, will handle the PAC's advertising efforts. While Fellowship PAC has been associated with Tether since its inception, the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
A representative from 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. The 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. Nxum Group has received $3 million in disbursements for advertising services, with its primary claim to fame being a $1 million donation to MAGA Inc. in 2024.
Anchorage Digital, the first crypto-native bank to receive a US federal charter, views its contribution as an investment in the US crypto policy process, stating that it is part of their broader approach to advancing regulatory clarity for digital assets in the US.