A recently established cryptocurrency-focused political action committee, Fellowship PAC, has launched with an impressive $11 million in funding. Notably, it has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC aims to support Republican candidates in congressional and gubernatorial elections, with initial funding provided by Cantor Fitzgerald and Anchorage Digital.
According to Federal Election Commission filings, $10 million was contributed by Cantor Fitzgerald, while Anchorage Digital provided $1 million. The initial $3 million advertising expenditure was made through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been linked to Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request 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 Federal Election Commission filings. Nxum Group received $3 million in disbursements for advertising services, marking a significant development for the company.
Anchorage Digital characterized its contribution as an investment in the US crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets. Despite the involvement of Tether executives, it remains unclear whether Tether or Tether US can make direct contributions to the PAC, as non-US entities are prohibited from participating in US campaign financing.