The Tether-backed pro-Trump new Super PAC, "Fellowship PAC," will allocate over $100 million to support pro-crypto policy candidates.

On September 16th, as reported by The New York Times, the newly established super PAC "Fellowship PAC" declared on Monday that it would allocate more than $100 million to back pro-crypto policy candidates. This represents the latest action by the digital asset industry to outmaneuver political rivals and prompt legislators to safeguard industry interests in Washington. It is worth noting that, in contrast to the current leading super PAC in the crypto industry, "Fairshake," this PAC shows a greater tendency to align with the Republican Party and former President Trump. According to filings, the treasurer of the Fellowship PAC is an executive from the Wall Street firm Cantor Fitzgerald, who was previously headed by Commerce Secretary Howard Lutnick. According to two sources with knowledge of the matter, supporters of this organization are anticipated to include the world's largest stablecoin issuer, Tether. This foreign company recently set up a U.S. entity, enabling it to fund the super PAC. Tether has been accused of financial fraud and facilitating platform crimes. However, it has recently been actively engaging with the Trump administration, such as hiring former Trump crypto advisor Bo Hines last month and collaborating closely with Cantor Fitzgerald, which is run by Lutnick's son.