Mysterious Crypto PAC Receives Massive Contributions From US Commerce Secretary’s Old Firm

The Fellowship political action committee (PAC), crypto’s newest lobbying player, recently unveiled in its first fundraising disclosure that it received $10 million dollars in contributions from Cantor Fitzgerald. 

The news came days after the group publicly endorsed candidates in six separate races ahead of the November midterm elections. 

The Tether Ties Fueling Fellowship PAC

The latest disclosure raised eyebrows, given Cantor Fitzgerald’s close connection with Howard Lutnick, the current US Secretary of Commerce. Before assuming office, Lutnick handed off leadership of his financial services firm to his sons.

The contribution also solidified the Fellowship PAC’s close links to tether. Earlier this month, BeInCrypto reported that the committee appointed Jesse Spiro as its Chairman. Spiro is also the Vice President of Regulatory Affairs at Tether US. 

Tether and Cantor Fitzgerald also have a tight relationship, as Cantor holds an ownership interest in Tether and is responsible for safeguarding a significant share of its reserve assets.

In addition to the contribution from Cantor Fitzgerald, Fellowship also received $1 million from the US-based institutional crypto platform, Anchorage Digital.

The disclosure marked the PAC’s first real move after seven months of silence since its formation in September. It arrived alongside a wave of endorsements that Fellowship rolled out on social media across six key races ahead of the midterms.

PAC Targets Key Republican Primary Races

On its X account, Fellowship unveiled a list of endorsed candidates, all of them Republicans.

The endorsements spanned congressional, senatorial, and gubernatorial races across Louisiana, South Carolina, Georgia, Kentucky, and Nebraska.

Among those backed were Alan Wilson, the South Carolina governor candidate, and Pete Ricketts, the incumbent seeking to hold his Nebraska Senate seat. 

The PAC also threw its support behind Mike Collins for Georgia Senate, Nate Morris for Kentucky Senate, and two Louisiana candidates: Julia Letlow for Senate and Blake Miguez for House District 5.

According to crypto industry researcher Molly White, the Fellowship PAC directed $850,000 toward Nate Morris’ primary challenge against Andy Barr in the Kentucky Senate Republican race and $350,000 toward incumbent Nebraska Senator Pete Ricketts’ re-election bid.

White also flagged that Fellowship PAC funneled $4.5 million to NXUM Group— $3 million for issue advocacy advertising and $1.5 million for the production of ads backing the three campaigns. 

NXUM was co-founded by Bo Hines, the former director of Trump’s crypto advisory council, who is now CEO of Tether US.