A recently established cryptocurrency industry political action committee, known as Fellowship PAC, has started strong with $11 million in initial funding. It has already committed $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US.
The super PAC aims to support Republican candidates in congressional and gubernatorial races, with its initial funding coming from Cantor Fitzgerald and Anchorage Digital, as disclosed in Federal Election Commission filings. The committee's ad spending has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originated 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, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC.
The committee 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, marking a significant milestone for the company. Anchorage Digital, which contributed $1 million to the PAC, views its investment as part of its broader approach to advancing regulatory clarity for digital assets in the United States.