The newly established Fellowship PAC in the crypto industry has raised approximately $11 million, with $10 million contributed by Cantor Fitzgerald and $1 million by Anchorage Digital. The PAC has spent around $3 million on political advertising, with payments made to Nxum Group, co-founded by Tether US CEO Bo Hines. The PAC primarily supports Republican candidates, investing in both congressional and state elections. Despite connections to Tether executives, the main funding sources are financial institutions, and it remains unclear if Tether can directly participate in political donations.