A recently established cryptocurrency industry political action committee, Fellowship PAC, has launched with $11 million in funding and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial elections, with $10 million in funding coming from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to Federal Election Commission filings. The initial $3 million in advertising expenditures has been directed to Nxum Group, which was founded by Hines, his father, and another partner.
Although Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding originates 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 their involvement with the super PAC. The PAC 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, despite having a limited track record in serving PACs or campaigns prior to this.
Anchorage Digital has described its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets in a bipartisan manner.