A recently launched crypto industry political action committee, known as Fellowship PAC, has commenced operations with an $11 million investment and has reserved $3 million in advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank.
The initial $3 million expenditure on political advertisements for favored candidates has been channeled to Nxum Group, which was established by Hines, his father, and another partner. While Fellowship PAC has been closely linked to Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that oversees the reserves for Tether's stablecoin business. A representative of Tether US was unavailable for comment, and a Cantor spokesperson declined to comment on the company's involvement with the super PAC.
The PAC has 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, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024.
Anchorage Digital has described its contribution as an investment in the US crypto policy process, stating that it is part of a broader approach to advancing regulatory clarity for digital assets in the United States.