A recently formed crypto-focused political action committee, Fellowship PAC, has kicked off with an $11 million investment, with $3 million allocated to advertising services provided by Nxum Group, a firm founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, having received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. According to Federal Election Commission filings, the initial $3 million ad spend has been directed towards Nxum Group, which was established by Hines, his father, and another partner. Although Fellowship PAC has been closely associated with Tether, its primary funding source is Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. The PAC has so far allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as per filings with the Federal Election Commission. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. When Fellowship PAC was announced, it claimed to have $100 million in pledged backing, aiming to promote transparency while supporting pro-crypto candidates.
However, this level of funding has yet to materialize. Anchorage Digital 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 United States.