Tether-backed pro-Trump PAC will spend more than $100 million to support pro-crypto policy candidates

According to ChainCatcher, the newly established super political action committee, FellowshipPAC, announced on Monday that it will spend more than $100 million to carry out candidate actions to support pro-cryptocurrency policies. This is the latest move by the digital asset industry to overwhelm political rivals and push lawmakers to safeguard the interests of the industry in Washington. It is worth noting that this PAC is more inclined to form alliances with the Republican Party and President Trump than the super PAC Fairshake, which currently dominates the crypto industry. According to filings, FellowshipPAC's treasurer is executives of Wall Street agency Cantor Fitzgerald, which was previously headed by Commerce Secretary Howard Lutnik. Supporters of the group are expected to include Tether, the world's largest stablecoin issuer, according to two people familiar with the matter. The foreign company recently set up a U.S. entity, which can provide funding to the Super PAC. Tether has faced charges of financial fraud and condonation of platform crimes, but has recently actively linked with the Trump administration, including hiring Trump's crypto adviser BoHines, who left last month and working closely with Cantor Fitzgerald, run by the son of Lutnik.