A recently established cryptocurrency-focused political action committee, known as Fellowship PAC, has commenced operations with an impressive $11 million in financial backing. Notably, the committee has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC's primary objective is to support Republican candidates in various congressional and gubernatorial races. According to filings with the Federal Election Commission, the committee has gathered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The initial $3 million expenditure on political advertising has been directed towards 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 prominent financial-services company that handles Tether's stablecoin business. A representative from Tether US did not 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 thus far dedicated $300,000 to support Clay Fuller, a new member of the U.S. House of Representatives; $850,000 to back Nate Morris for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, despite not having a significant track record in serving PACs or campaigns prior to this engagement. Anchorage Digital has characterized its contribution as an investment in the U.S.
crypto policy process, stating that it is part of the company's broader approach to advancing regulatory clarity for digital assets in the United States.