Tether-backed pro-Trump new super PAC Fellowship PAC to spend over $100 million to support pro-crypto policy candidates

Huobi HTX reported that the newly established super political action committee, Fellowship PAC, announced on Monday that it would spend more than $100 million to launch candidate actions to support pro-crypto 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 align with the Republican Party and President Trump than the super PAC Fairshake, which currently dominates the crypto industry. According to filings, the finance director of Fellowship PAC is served by 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 to provide funding to 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 crypto adviser Bo Hines, who left last month and working closely with Cantor Fitzgerald, run by Lutnik's son.