Who Is Funding the Fellowship PAC?
A crypto-aligned political action committee tied to Tether’s head of government affairs has disclosed $11 million in contributions from financial institutions, according to a filing with the US Federal Election Commission.
The Fellowship PAC reported receiving $10 million from Cantor Fitzgerald and $1 million from Anchor Labs, the company behind Anchorage Digital. The contributions were recorded in January 2026, marking one of the first clear disclosures of institutional funding into crypto-backed political spending this election cycle.
The filing also showed $3 million in spending on “issue advocacy advertising” through Nxum Group, a marketing firm co-founded by former White House crypto adviser and Tether US CEO Bo Hines.
Despite the newly disclosed funding, the PAC had previously claimed to have “over $100 million” in backing at its launch in September. Earlier FEC records showed no contributions exceeding $200 between August 2025 and the end of that year, suggesting a delay in reporting or timing differences in contributions.
How Does This Fit Into Broader Crypto Political Spending?
The activity reflects a continuation of the crypto industry’s growing involvement in US elections. During the 2024 cycle, crypto-backed PACs deployed hundreds of millions of dollars to support candidates aligned with the industry and oppose those seen as unfavorable to digital assets.
With control of Congress again in focus, the latest disclosures indicate that similar strategies may be underway. Fellowship has already allocated more than $1.4 million in media spending to support Republican candidates in Georgia’s 14th Congressional District and Senate races in Nebraska and Kentucky, all of which are holding primaries in May.
These targeted expenditures suggest a focus on shaping outcomes in competitive races where regulatory policy could be influenced at the margin.
Investor Takeaway
What Are the Links Between the PAC and Crypto Firms?
The PAC’s structure highlights close ties between political funding vehicles and industry participants. Its treasurer, Mitchell Nobel, has served as Cantor Fitzgerald’s director of digital asset strategy and policy since August 2025, around the same time the PAC was formally registered.
Anchor Labs’ involvement also reflects broader coordination across the ecosystem. Anchorage Digital previously announced plans to support the Blockchain Leadership Fund alongside Chainlink, a hybrid PAC designed to combine direct candidate contributions with independent expenditures.
While Anchorage indicated it would make a “meaningful contribution,” no corresponding filing had been disclosed as of the latest FEC report.
Investor Takeaway
What Does This Mean for Crypto Regulation?
The timing of the contributions, alongside early campaign spending, points to a coordinated effort to influence policy direction before key legislative decisions. As lawmakers debate frameworks covering stablecoins, market structure, and oversight authority, industry-backed funding could play a role in determining the regulatory path.
At the same time, increased political involvement may draw additional scrutiny from regulators and policymakers concerned about the influence of industry capital on elections. This could introduce countervailing pressure, particularly in jurisdictions where crypto policy remains contested.
The Fellowship PAC’s disclosures provide an early signal of how the crypto industry is approaching the 2026 election cycle: not only through market expansion, but through direct engagement with the political process that defines its operating environment.
