Crypto's new $11 million PAC booked millions in ads with firm started by Tether US CEO

Fellowship PAC, a new political action committee in the crypto industry, has secured $11 million in backing and has already spent $3 million on advertising services from Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races. Initial funding for Fellowship PAC came from Cantor Fitzgerald ($10 million) and Anchorage Digital ($1 million). Bo Hines, who previously served as President Trump's crypto adviser, co-founded Nxum Group with his father and another partner. While Fellowship PAC has been reportedly associated with Tether, with a senior Tether executive as its chairman, the majority of its funding originated from Cantor Fitzgerald, a financial services firm that manages reserves for Tether's stablecoin business. The PAC has allocated funds to support specific candidates, including Clay Fuller, Nate Morris, and Pete Ricketts. Nxum Group, prior to this, had a limited track record with PACs and campaigns, with its notable prior work including a $1 million donation of billboard ads to MAGA Inc. in 2024. Anchorage Digital described its contribution as an investment in the U.S. crypto policy process, aiming for regulatory clarity for digital assets. It remains unclear if Tether or Tether US can make direct contributions due to regulations on non-U.S. entities involved in campaign finances.

(Source：CoinDesk)