Cantor Fitzgerald, the Wall Street firm formerly owned by current U.S. Commerce Secretary Howard Lutnick, donated $10 million to a super political action committee backing pro-crypto candidates as election season ramps up.

The firm made that donation in February to the Fellowship PAC, according to a Federal Election Commission filing. Bloomberg earlier reported the news. Lutnick's sons now run Cantor Fitzgerald.

Cantor Fitzgerald and Tether, the world's largest stablecoin issuer, have maintained close ties since 2021, when the firm began serving as a custodian for Tether’s reserves. During Lutnick's Senate confirmation hearing last year, lawmakers pressed the secretary on those ties as well as his influence over the crypto industry as a whole.

The Fellowship PAC launched in September 2025 with over $100 million in committed financial backing and a goal of supporting candidates who are "committed to transparent and predictable rules for digital assets." Earlier this month, the PAC named Tether U.S. executive Jesse Spiro as chairman.

Crypto PACs as a whole played a pivotal role during the last election season in 2024, raising millions of dollars to back pro-crypto candidates. Another big player, the Fairshake PAC, has amassed $193 million as of January.

Crypto bank Anchorage Digital also donated to the Fellowship PAC to the tune of $1 million, according to the filing. In a statement, a spokesperson for Anchorage Digital said its donation, along with speaking with policymakers on both sides of the aisle, "reflects a simple principle: Anchorage Digital will continue to invest in the policy process to promote clear, workable rules for digital assets."

"As the first federally chartered crypto bank, we have always believed that crypto and thoughtful regulation go hand in hand," the spokesperson said. "That commitment to regulatory clarity has guided our engagement with both Democratic and Republican administrations, and it will continue to do so."

Tether did not immediately respond to a request for comment. Cantor Fitzgerald declined to comment.

 Tether launched its U.S.-focused stablecoin, USAT, in January after Congress passed stablecoin legislation into law. Anchorage is the acting issuer of USAT, and Cantor Fitzgerald serves as the stablecoin's "reserve custodian and preferred primary dealer," according to previous reporting from The Block.

The Fellowship PAC also spent over $1 million on advertising for candidates, including Republican Senate candidates Nate Morris in Kentucky, Pete Ricketts in Nebraska, and Republican House candidate Clay Fuller in Georgia, according to filings. The payment was sent to the Nxum Group, LLC, which is cofounded by Tether.US CEO Bo Hines. Hines was also previously the executive director of the President's Council of Advisers on Digital Assets at the White House.