A new Super PAC, Fellowship PAC, has launched with over $100 million to support candidates who are pro-crypto, promote digital asset innovation, and entrepreneurship. The PAC aims to ensure the United States maintains its global leadership in digital assets.
What is a Super PAC?
A Super PAC is an independent political committee that can raise unlimited sums of money from corporations, unions, associations, and individuals. Unlike traditional PACs, Super PACs can spend unlimited amounts to advocate for or against political candidates. They are not allowed to coordinate directly with candidates or parties.
Fellowship PAC's Mission
The Fellowship PAC has registered with the Federal Election Commission (FEC) under ID C00915181. The PAC emphasizes trust and accountability as its differentiators. Its mission is to align the interests of crypto entrepreneurs, investors, and policymakers while reinforcing America's role in shaping the future of blockchain-based finance and entrepreneurship. The PAC will focus on backing candidates who commit to transparent and predictable digital asset rules, safeguard the country's competitive edge in technology, and provide regulatory clarity to prevent talent and companies from moving offshore.
Impact on Elections
With over $100 million, this Super PAC is a serious contender in the upcoming elections. The funding can be used for extensive ad campaigns, voter outreach, and strategic endorsements. This level of financial backing can sway public opinion and even determine the outcomes of closely contested races. The influx of capital reflects a strategic move by the crypto industry to shape the political landscape in favor of policies that promote innovation and reduce regulatory burdens.
The Crypto Industry's Political Influence
The cryptocurrency industry is increasingly engaging in political advocacy. During the 2024 election, crypto companies made a third of all direct corporate contributions to super PACs. Crypto-backed super PACs educated voters, and that, ultimately, they're the ones who decide who should govern in Washington.
Other crypto-focused PACs have also launched in recent months. Fairshake, one of the largest crypto-aligned super PACs, raised more than $100 million across the 2024 cycle with support from Coinbase, Ripple, and various venture firms. In 2024, a trio of pro-cryptocurrency super PACs invested more than $133 million into the election. Fairshake alone raised over $200 million through major donations from stakeholders such as the Winklevoss twins, Kraken, Coinbase and Electric Capital Partners.
Potential Concerns
The concentration of financial power could drown out the voices of everyday voters. The increasing influence of crypto oligarchy on the U.S. electoral outcomes risks the creation of autocratic political environment, one that can potentially favor the interests of digital finance stakeholders over the safety, transparency and security of the financial system.
