The Fellowship PAC, a political action committee associated with the cryptocurrency industry, has announced an impressive initial funding of $11 million. The PAC aims to support Republican candidates in congressional races and a gubernatorial election.
According to recent filings with the Federal Election Commission, the majority of the funding came from Cantor Fitzgerald, contributing $10 million, while Anchorage Digital added $1 million. The PAC has already allocated $3 million for political advertising through Nxum Group, a firm co-founded by Bo Hines, CEO of Tether US.
Fellowship PAC, which has ties to Tether since its inception last year, is chaired by a senior executive from Tether. Despite its connections, Cantor Fitzgerald, a major player in financial services, has been the primary source of funding, handling reserves for Tether’s stablecoin operations. Howard Lutnick, the former head of Cantor, currently serves as Trump’s Commerce Secretary.
So far, the PAC has committed $300,000 to support Clay Fuller, who recently won a special election in Georgia, $850,000 for Nate Morris’s Senate campaign in Kentucky, and $350,000 for Nebraska Senator Pete Ricketts. The PAC has not publicly commented on these expenditures.
Although Fellowship PAC was launched with a pledge of $100 million in backing, it has yet to demonstrate that level of financial support. Anchorage Digital, the first federally chartered crypto bank in the U.S., described its contribution as an investment in advancing U.S. crypto policy.
While Tether executives are involved with the PAC, it remains uncertain if Tether or its U.S. branch can make direct contributions, as non-U.S. entities are restricted from participating in U.S. campaign financing.
Fellowship PAC has launched with $11 million in funding, primarily from Cantor Fitzgerald and Anchorage Digital, to support Republican candidates. The PAC has already committed significant funds to various political campaigns, although its promised backing has not yet materialized.