A recently launched cryptocurrency industry political action committee, known as Fellowship PAC, has begun its operations with an $11 million investment and has allocated $3 million for advertising services through a company co-founded by Tether US CEO, Bo Hines. The super PAC aims to support Republican candidates in various congressional and gubernatorial races. According to Federal Election Commission filings, the initial funding consists of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The $3 million spent on advertising has been allocated to Nxum Group, a company founded by Hines, his father, and another partner. 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. 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, according to Federal Election Commission filings.
Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns prior to this. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating that it is part of their approach to advancing regulatory clarity for digital assets in the United States.