A newly launched cryptocurrency industry political action committee, the Fellowship PAC, has started strong with $11 million in initial funding and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to recent Federal Election Commission filings, the PAC's primary funding sources are Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, contributing $1 million. The committee is focusing its support on Republican candidates running for Congress and a governorship. Its initial advertising expenditure of $3 million has been channeled through Nxum Group, which was founded by Hines, his father, and another partner.
Despite Tether's association with the Fellowship PAC, the majority of its funding originates from Cantor Fitzgerald, a New York financial-services giant that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to discuss their involvement with the super PAC. The Fellowship PAC has dedicated $300,000 to support Clay Fuller, $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 Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, marking a significant development in its portfolio. Previously, the company's most notable engagement was donating $1 million in billboard ads to MAGA Inc.
in 2024. The Fellowship PAC initially announced $100 million in pledged backing, aiming to champion transparency while supporting pro-crypto candidates, although this level of funding has not yet materialized. Anchorage Digital views its contribution as an investment in the U.S. crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets in the United States.