Key Takeaways
- • Fellowship PAC, a crypto-industry-funded super PAC, has spent exclusively on Democratic candidates since June 2026, after launching in 2025 with a claimed $100 million war chest it has never reported in campaign finance filings.
- • The PAC funneled $600,000 through Nxum Group, a firm co-founded by former Trump crypto adviser Bo Hines, to support Reps. Ritchie Torres and Maggie Goodlander and Sen. Mark Warner, according to The Intercept.
- • Tether ties run through the story: Cantor Fitzgerald, Tether's U.S. banking firm, gave Fellowship PAC a $10 million donation in January, and Tether's vice president of regulatory affairs was named the PAC's chair in April.
- • Per a Wall Street Journal report cited by The Intercept, Tether paid Nxum Group while Hines served in the Trump administration; Nxum says Hines had no involvement, and Hines disclosed only a "passive investment interest."
- • Fellowship PAC's cash on hand was $250,000 as of October 14, with its last receipt in January.
Summary
Fellowship PAC, a super PAC funded by crypto industry money, was founded a year ago with reporting suggesting it would back Republicans. According to The Intercept, however, the PAC has spent only on Democratic candidates since June, when it first spent on behalf of Rep. Ritchie Torres of New York. That shift coincided with public polling showing weakening Republican prospects in the midterm elections.
The PAC has routed roughly $600,000 since the summer through Nxum Group, a vendor co-founded by Bo Hines, a former Republican congressional candidate and Trump administration official. The spending supports Torres, Rep. Maggie Goodlander of New Hampshire, and Sen. Mark Warner of Virginia, all of whom are considered crypto allies and none of whom face competitive races this fall. Goodlander's campaign said it had nothing to do with the $150,000 in digital advertising the PAC spent in her race, noting that campaigns are legally barred from coordinating with outside groups. Hines did not respond to a request for comment, and it is unknown whether he personally worked on the Nxum account for Fellowship PAC.
The article describes extensive ties between Hines, Fellowship PAC, and Tether. Hines helped the White House Council of Advisers on Digital Assets during the Trump administration, where he helped pass a law creating stablecoin rules that benefited Tether. A Wall Street Journal report cited by The Intercept said Tether paid Nxum Group during Hines's tenure; Nxum said Hines had no involvement in those dealings. Hines left government in August 2025 and a month later became CEO of Tether's U.S. branch. Separately, Cantor Fitzgerald, Tether's U.S. banking firm, gave the newly created PAC a $10 million donation in January, and Tether's vice president of regulatory affairs was named the PAC's chair in April.
Despite claiming a $100 million war chest at launch, Fellowship PAC has never reported anything close to that in official filings. Its last receipt was in January, and cash on hand fell to $250,000 as of October 14. The three lawmakers are rated strong supporters of the crypto industry on an industry scorecard, yet all have criticized Trump's personal crypto dealings, including the $TRUMP meme coin, which the article says has helped make him $1.4 billion from crypto ventures. Warner recently ran his own ad attacking Trump over the coin, calling it "grifting." Torres's and Warner's campaigns did not respond to requests for comment, and the PAC did not return a request for comment.
The PAC has routed roughly $600,000 since the summer through Nxum Group, a vendor co-founded by Bo Hines, a former Republican congressional candidate and Trump administration official. The spending supports Torres, Rep. Maggie Goodlander of New Hampshire, and Sen. Mark Warner of Virginia, all of whom are considered crypto allies and none of whom face competitive races this fall. Goodlander's campaign said it had nothing to do with the $150,000 in digital advertising the PAC spent in her race, noting that campaigns are legally barred from coordinating with outside groups. Hines did not respond to a request for comment, and it is unknown whether he personally worked on the Nxum account for Fellowship PAC.
The article describes extensive ties between Hines, Fellowship PAC, and Tether. Hines helped the White House Council of Advisers on Digital Assets during the Trump administration, where he helped pass a law creating stablecoin rules that benefited Tether. A Wall Street Journal report cited by The Intercept said Tether paid Nxum Group during Hines's tenure; Nxum said Hines had no involvement in those dealings. Hines left government in August 2025 and a month later became CEO of Tether's U.S. branch. Separately, Cantor Fitzgerald, Tether's U.S. banking firm, gave the newly created PAC a $10 million donation in January, and Tether's vice president of regulatory affairs was named the PAC's chair in April.
Despite claiming a $100 million war chest at launch, Fellowship PAC has never reported anything close to that in official filings. Its last receipt was in January, and cash on hand fell to $250,000 as of October 14. The three lawmakers are rated strong supporters of the crypto industry on an industry scorecard, yet all have criticized Trump's personal crypto dealings, including the $TRUMP meme coin, which the article says has helped make him $1.4 billion from crypto ventures. Warner recently ran his own ad attacking Trump over the coin, calling it "grifting." Torres's and Warner's campaigns did not respond to requests for comment, and the PAC did not return a request for comment.
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