A recently established cryptocurrency industry political action committee, known as Fellowship PAC, has initiated operations with substantial financial backing of $11 million. The committee has designated $3 million for advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines, among others.
The primary funding for Fellowship PAC comes from Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, providing $1 million, as disclosed in Federal Election Commission filings. The committee's advertising expenditures, totaling $3 million, have been allocated to support various Republican candidates, including Clay Fuller, Nate Morris, and Pete Ricketts, with specific amounts dedicated to each. The formation of Fellowship PAC and its connections to Tether have sparked interest, given the committee's stated goal of promoting transparency and supporting pro-crypto candidates. Anchorage Digital has characterized its contribution as an investment in the U.S.
crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets.