A recently established crypto-focused political action committee, Fellowship PAC, has begun its operations with substantial funding of $11 million. The committee has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the majority of the funding, $10 million, comes from Cantor Fitzgerald, while $1 million is contributed by Anchorage Digital, a crypto bank.
The committee's initial advertising expenditures have been directed towards supporting Republican candidates in congressional and gubernatorial races. Nxum Group, which has a limited track record in serving PACs, received $3 million in disbursements for its services. The Fellowship PAC aims to promote transparency while supporting pro-crypto candidates, although its pledged backing of $100 million has not yet materialized. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating it is part of a broader, bipartisan approach to advancing regulatory clarity for digital assets.