Cantor Fitzgerald Donates $10 Million to Crypto PAC Led by Tether Executive

Cantor Fitzgerald donated $10 million to the Crypto Fellowship PAC, which received $11 million in total initial backing in April 2026 and is led by a senior Tether executive as chairman. The PAC spent $3 million on advertising through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US who previously served as President Trump's crypto adviser. Cantor Fitzgerald, whose former chief Howard Lutnick became Trump's Commerce Secretary, handles reserves for Tether's stablecoin business. Fellowship PAC is focusing on Republican candidates, spending on races including Clay Fuller for U.S. House in Georgia, Nate Morris for U.S. Senate in Kentucky, and incumbent Nebraska Senator Pete Ricketts. The arrangement creates interconnected financial relationships between a major crypto donor, stablecoin issuer executives, and political spending vehicles.

Fellowship PAC's Initial Funding and Structure

• ▪Fellowship PAC received $11 million in initial backing in April 2026.
• ▪Anchorage Digital donated $1 million to Fellowship PAC.
• ▪Fellowship PAC announced it would wield $100 million when it first went public.
• ▪Cantor Fitzgerald donated $10 million to Fellowship PAC.

Connections Between Tether, Cantor Fitzgerald, and Political Figures

• ▪Bo Hines was President Donald Trump's crypto adviser until he moved to Tether in 2025.
• ▪Howard Lutnick was Cantor Fitzgerald's former chief before becoming Trump's Commerce Secretary.
• ▪Howard Lutnick's children have taken over Cantor Fitzgerald's business.
• ▪Bo Hines is the CEO of Tether US as of April 2026.
• ▪Bo Hines took a high-profile job at the White House in 2024.

Fellowship PAC's Political Spending and Advertising Strategy

• ▪Nxum Group received $3 million in disbursements for advertising from Fellowship PAC.
• ▪Nxum Group was co-founded by Bo Hines, his father, and another partner.
• ▪Nxum Group donated $1 million in billboard ads to MAGA Inc. in 2024.
• ▪Clay Fuller is the newest member of the U.S. House of Representatives who took over Marjorie Taylor Greene's seat in a Georgia special election.
• ▪Fellowship PAC spent $3 million on ad services through Nxum Group as of April 2026.
• ▪Fellowship PAC devoted $350,000 to support incumbent Nebraska Senator Pete Ricketts.
• ▪Fellowship PAC devoted $850,000 to back Nate Morris for a U.S. Senate seat in Kentucky.
• ▪Fellowship PAC devoted $300,000 to support Clay Fuller for the U.S. House of Representatives.

Perspective of Ethics watchdogs and campaign finance critics

• ▪Fellowship PAC's payment of $3 million to Nxum Group co-founded by Bo Hines creates a conflict of interest since Hines leads Tether US whose parent company executives chair the PAC.

Perspective of Crypto industry advocates

• ▪Fellowship PAC's $100 million fundraising goal demonstrates the crypto industry's commitment to electing candidates who understand digital assets.

Perspective of Tether and affiliated executives

• ▪The alignment between Cantor Fitzgerald's $10 million donation and its role handling Tether reserves reflects mutually beneficial business and political relationships.

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