A newly formed crypto industry political action committee, known as Fellowship PAC, has launched with an initial $11 million in funding and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial elections, with $10 million in funding provided by Cantor Fitzgerald and $1 million from Anchorage Digital, according to recent Federal Election Commission filings. The initial $3 million advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been linked to Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
Cantor's former CEO, Howard Lutnick, currently serves as the US Commerce Secretary, while his children have taken over the company. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. Upon its launch, Fellowship PAC announced plans to wield $100 million, rivaling the leading crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor, and the organization has thus far dedicated $300,000 to support Clay Fuller, the newest member of the US House of Representatives; $850,000 to back Nate Morris for a US Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator 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 engagement. When Fellowship PAC was first announced, it pledged to champion transparency while supporting pro-crypto candidates, although the promised level of backing has yet to materialize. Anchorage Digital, the first crypto-native bank to receive a US federal charter, characterized its contribution as an investment in the US crypto policy process, stating that it has made a corporate contribution to Fellowship PAC as part of its broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.