A newly formed crypto-focused political action committee, Fellowship PAC, has launched with an $11 million budget, with $3 million allocated for advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the majority of its funding coming from the New York-based financial services giant. The PAC's advertising spend has been focused on supporting Republican candidates in various congressional and gubernatorial races. While Tether has been closely associated with the PAC, the company's direct involvement in US campaign finances is unclear due to restrictions on non-US entities.
The PAC's initial funding and ad spend have sparked interest, with some questioning the level of transparency in its operations.