Cryptocurrency Advocacy Group Kicks Off with $100 Million Funding for Crypto Policy Initiatives
The Fellowship PAC, a new independent expenditure-only political committee, has announced its formation to support pro-Trump candidates in the upcoming elections. The news about the Fellowship PAC was first reported by the New York Times.
The Fellowship PAC's mission is to safeguard America's role in digital assets and entrepreneurship, as well as protect the nation's competitive edge in technology. The PAC aims to keep America's lead in these areas, while also preventing the election of talent overseas.
The Fellowship PAC has reportedly received significant financial backing from Cameron and Tyler Winklevoss, founders of Coinbase and Gemini. The Winklevoss brothers donated over $21 million in Bitcoin to support Trump's crypto agenda and potentially influence elections for a Republican majority in Congress.
Political action committees aligned with the crypto industry have been expanding in U.S. elections, with these committees pouring at least $119 million in the 2024 cycle, according to a study from Public Citizen. As the polls closed, the total crypto industry spending surpassed $300 million, according to a D.C. insider.
The Fellowship PAC seeks to support candidates who advocate for predictable rules for crypto, as regulators are pushing for stricter oversight of digital assets. Multiple crypto-related bills are being weighed by lawmakers on Capitol Hill, with these bills including those concerning election market structure.
The Fellowship PAC states that it aligns with the interests of crypto entrepreneurs, policymakers, and the public. The PAC's goal is to keep America's lead in digital assets and entrepreneurship, while also protecting the nation's role in these areas from potential regulatory changes.
As of the filing, no contributions or expenditures have been reported by the Fellowship PAC. However, the PAC has pledged more than $100 million to back pro-Trump candidates. The exact amount of bank of america cash is uncertain due to the gap between pledged money and official reports.
The Fellowship PAC's launch coincides with the growth of crypto political spending. The PAC's formation marks another development in the increasingly active role of the crypto industry in U.S. elections. The Fellowship PAC filed its statement of organization with the Federal Election Commission on August 7.
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