A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has commenced operations with substantial financial support of $11 million. Notably, it has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC's primary objective is to provide support to Republican candidates competing in congressional and gubernatorial elections.
According to filings with the Federal Election Commission, the committee has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million expenditure on political advertising has been directed towards Nxum Group, which was established by Hines, his father, and another business partner.
Although Fellowship PAC has been closely associated with Tether since its inception and has a senior Tether executive serving as its chairman, the majority of its funding originates from Cantor Fitzgerald, a prominent New York-based financial services firm that manages Tether's stablecoin reserves. Cantor's former chief executive, Howard Lutnick, currently serves as Commerce Secretary under President Trump, while his children have taken over the family business. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on the company's involvement with the super PAC.
Upon its public launch, Fellowship PAC announced its intention to wield $100 million in support of pro-crypto candidates, rivaling the leading crypto PAC, Fairshake. The committee's treasurer is an executive at Cantor Fitzgerald. To date, the PAC has allocated $300,000 to support Clay Fuller, the newest 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, according to Federal Election Commission filings. The filings also revealed that Nxum Group has received $3 million in disbursements for advertising services.
Prior to this engagement, Nxum Group 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, shortly before Hines assumed a high-profile role at the White House. Upon its formation, Fellowship PAC stated that it had secured $100 million in pledged backing and would champion transparency in its support for pro-crypto candidates.
However, this level of funding has yet to materialize. Anchorage Digital, the first crypto-native bank to obtain a U.S. federal charter, characterized its contribution as an investment in the U.S.
crypto policy process. In a statement, the company expressed its commitment to advancing regulatory clarity for digital assets in the United States through a bipartisan approach. Despite the involvement of Tether executives in Fellowship PAC's activities, it remains unclear whether Tether or its U.S. arm, Tether US, would be able to make direct contributions to the PAC, as non-U.S.
entities are prohibited from directly participating in U.S. campaign finances.