The new political action committee, Fellowship PAC, dedicated to supporting pro-innovation and pro-crypto candidates, has launched with a budget of $100 million.
Launch of Fellowship PAC
On Monday, Fellowship PAC announced its operations with over $100 million raised from unnamed sources. The committee aims to support candidates for federal office in the US and prepare the ground for regulatory clarity in the crypto industry.
Goals of the PAC and Crypto Ecosystem
Fellowship PAC seeks to prevent a talent and entrepreneur exodus from the crypto industry in the US. The organization stated that 'this PAC is designed to align the interests of crypto entrepreneurs, policymakers, and the public, ensuring trust and accountability.' Additionally, they noted this is just the beginning of the PAC's work.
Political Activity and Future Elections
Fellowship PAC adds to the ranks of political action committees aiming to influence elections in the US Congress. In 2024, Fairshake PAC, backed by contributions from firms like Coinbase and Ripple Labs, spent over $130 million on ads during congressional races. Early indicators suggest that crypto investments have already begun influencing political elections, including the recent victory of Democrat James Walkinshaw in a special election.
The launch of Fellowship PAC marks a new phase in the political activity of the crypto industry, providing support for initiatives focused on legislative regulation of digital assets in the US.
