A recently established crypto industry political action committee, known as Fellowship PAC, has initiated its operations with an $11 million investment and has so far allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US, along with his father and another business partner. The super PAC is primarily focusing its support on Republican candidates competing for congressional and gubernatorial positions.

According to filings released by the Federal Election Commission, the initial funding for the PAC came from Cantor Fitzgerald, amounting to $10 million, and Anchorage Digital, a crypto bank, which contributed $1 million. The advertising expenditure of $3 million has been channeled through Nxum Group.

While Fellowship PAC has been closely associated with Tether since its inception, the major portion of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that manages the reserves for Tether's stablecoin business. Cantor's former chief, Howard Lutnick, currently serves as the Commerce Secretary under President Trump, and his children now oversee the business operations. The PAC's treasurer is an executive at Cantor Fitzgerald.

The PAC has allocated $300,000 to support Clay Fuller, the newest 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, as per the Federal Election Commission filings. Nxum Group received $3 million in disbursements for advertising services, marking a significant engagement for the company, which previously donated $1 million in billboard ads to MAGA Inc.

in 2024. Upon its formation, Fellowship PAC announced it had secured $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates. However, the promised level of backing has not yet materialized.

Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, views its contribution as an investment in the U.S. crypto policy process, aiming to advance regulatory clarity for digital assets in the United States.