A newly established crypto industry political action committee, known as Fellowship PAC, has commenced operations with an $11 million investment, and has subsequently allocated $3 million for advertising services through a firm co-founded by Tether US CEO, Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial elections, with $10 million in funding provided by Cantor Fitzgerald and $1 million contributed by Anchorage Digital, a crypto bank, according to recent Federal Election Commission filings. The initial $3 million expenditure on political advertising has been channeled through Nxum Group, a company established by Hines, his father, and another business partner. Although Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that manages the reserves for Tether's stablecoin business.
A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC. The PAC has so far dedicated $300,000 to support Clay Fuller, a newly elected member of the U.S.
House of Representatives; $850,000 to back Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts.
Nxum Group has received $3 million in disbursements for advertising services. Prior to this, Nxum did not have a significant track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024.
Upon its formation, Fellowship PAC announced it had secured $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates. However, this level of funding has yet to materialize.
Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, characterized its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.