The crypto industry's emerging political action committee, Fellowship PAC, has launched with an $11 million backing and has booked $3 million in advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The super PAC is focusing its support on Republican politicians in congressional and gubernatorial races, with $10 million in funding coming from Cantor Fitzgerald and $1 million from Anchorage Digital. The initial $3 million spent on political advertising has been allocated to Nxum Group, which was founded by Hines, his father, and another partner.
While Fellowship has been associated with Tether since its inception, the majority of its funding comes from Cantor Fitzgerald, which handles Tether's stablecoin reserves. A representative of Tether US did not respond to a request for comment, and a spokeswoman for Cantor declined to comment on its involvement.
The PAC has devoted $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 has received $3 million in disbursements for advertising, with its primary claim to fame being $1 million in billboard ads donated to MAGA Inc.
in 2024. Anchorage Digital has stated that its contribution to the Fellowship PAC is part of its approach to advancing regulatory clarity for digital assets in the United States.