The Tether-backed pro-Trump new super PAC "Fellowship PAC" will spend over $100 million to support candidates who favor encryption policies.

On September 16, according to The New York Times, the newly established super political action committee "Fellowship PAC" announced on Monday that it will spend over $100 million to support candidates who advocate for pro-crypto policies. This is the latest move by the digital asset industry to overwhelm political opponents and push legislators in Washington to protect the industry's interests. Notably, this PAC is more inclined to ally with the Republican Party and President Trump compared to the currently dominant crypto industry super PAC "Fairshake." According to filed documents, the CFO of Fellowship PAC is an executive from the Wall Street firm Cantor Fitzgerald, which was previously led by Secretary of Commerce Howard Lutnick. According to two people familiar with the matter, supporters of the organization are expected to include Tether, the world's largest stablecoin issuer. This foreign company has recently established a U.S. entity, allowing it to provide funding to the super PAC. Tether has faced allegations of financial fraud and enabling platform crimes, but it has recently actively sought connections with the Trump administration, including hiring Bo Hines, who just left his position as Trump's crypto advisor last month, and closely collaborating with Cantor Fitzgerald, run by Lutnick's son.