A recently launched cryptocurrency industry political action committee, known as Fellowship PAC, has commenced operations with substantial financial support of $11 million. The committee has allocated $3 million for advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the majority of the funding, $10 million, was provided by Cantor Fitzgerald, while $1 million was contributed by Anchorage Digital, a cryptocurrency bank.
The initial advertising expenditure of $3 million is focused on supporting Republican candidates in congressional and gubernatorial races. Nxum Group, which has limited experience in serving PACs or campaigns, was founded by Hines, his father, and another partner.
The Fellowship PAC has dedicated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as per the Federal Election Commission filings. Despite its reported association with Tether, the committee's primary funding source is Cantor Fitzgerald, which handles the reserves for Tether's stablecoin business. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to promote regulatory clarity for digital assets.