The establishment of the new political committee Fellowship PAC, with a fund of $100 million, aims to support candidates working on advancing cryptocurrency innovations in the U.S.
Goals of the New PAC
Fellowship PAC is focused on supporting federal candidates and bolstering the U.S. competitive edge in blockchain innovation. The committee seeks to establish regulatory clarity to attract crypto entrepreneurs and talent.
Impact on U.S. Elections
The PAC plans to actively participate in key elections, including races for the House of Representatives and Senate, by promoting policies favorable to the crypto industry. In the lead-up to the 2024 elections, other digital asset support groups have also been influencing electoral campaigns.
Funding and Support for Crypto Policies
Fellowship PAC filed its documentation with the Federal Election Commission, but has yet to report contributions or expenditures. However, additional reports indicate that the Winklevoss twins contributed over $21 million in Bitcoin to support the Trump administration's crypto agenda.
The creation of the PAC highlights the growing influence of cryptocurrencies on political funding in the U.S., which could significantly impact future regulations and policies surrounding digital assets.
