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> Pro-crypto PAC’s Tether ties; Bitcoin Advocacy hits Capitol Hill
A new pro-crypto political action committee (PAC) is wielding a nine-figure wallet, so it’s probably no surprise that America’s regulators keep finding new ways of making nice with digital asset companies.
On September 15, The Fellowship PAC introduced itself to America’s politicians with a tweet promoting a “$100M+” bankroll to support “pro-innovation, pro-crypto candidates who will safeguard America’s role as the global leader in digital assets and entrepreneurship.”
A one-page fact sheet claimed that “[u]nlike past political efforts, the Fellowship PAC’s mission is defined by transparency and trust, ensuring political action directly supports the broader ecosystem rather than narrow or individual interests.”
Fellowship says it “does not coordinate with candidates or parties,” but this group promoting ‘transparency’ has so far offered zero information on who provided them with that $100M+ and who decides how it’s deployed. The announcement was accompanied by the launch of a threadbare website, which features only a ‘send a message’ option, with no indication to whom these messages are sent.
Fellowship’s ‘$100M+’ rivals the $140 million war chest that the original crypto PAC (Fairshake) claims to have raised ahead of the 2026 midterm elections. Fairshake’s primary contributors include the Coinbase (NASDAQ: COIN) digital asset exchange, XRP-issuer Ripple Labs, and the Andreessen Horowitz (a16z) (NASDAQ: ZADIHX) venture capital group, but none of them have copped to contributing to Fellowship’s coffers.
Fellowship’s August 7 filing with the Federal Election Commission (FEC) lists the PAC’s treasurer as Mitchell Nobel, director of digital asset strategy and policy at Wall Street financial services firm Cantor Fitzgerald (NASDAQ: ZCFITX). The New York Times reported that Fellowship’s contributors “are expected to include” Tether, issuer of the market-leading USDT stablecoin, the fiat reserves of which are allegedly custodied by Cantor Fitzgerald.
The Fellowship mission statement’s suggestion that other crypto PACs serve “narrow or individual interests” could be a thinly veiled shot at Tether’s main rival Circle (NASDAQ: CRCL), issuer of the USDC stablecoin that enjoys the same kind of advantage stateside that USDT enjoys outside America. Fairshake supporter Coinbase is closely aligned with Circle and relies on USDC-related products for much of its revenue.
On September 12, Tether announced the “planned” launch at some unspecified date of USAT, the company’s long-awaited “U.S.-regulated dollar-backed stablecoin.” USAT is intended to allow USDT to continue to serve as the dominant stablecoin beyond America’s borders, free from U.S. regulatory constraints, leaving USAT to comply with the recently approved GENIUS Act’s stablecoin rules.
Tether also announced that Bo Hines, the former executive director of the White House’s Presidential Council of Advisers for Digital Assets, will serve as USAT’s “future Chief Executive Officer.” Hines stepped down from the Council in August and was promptly hired as Tether’s ‘U.S. strategy advisor.’
SEC v Gemini resolution at hand
Fairshake views itself as a nonpartisan supporter of any politician who will cast pro-crypto votes. A far more partisan PAC, the Digital Freedom Fund (DFF), launched last month with the goal of helping to “realize President Trump’s vision of making America the crypto capital of the world.”
DFF was founded by Cameron and Tyler Winklevoss, the brothers behind the Gemini (NASDAQ: GEMI) exchange. The Winklevii, who contributed $5 million to Fairshake during the 2024 election cycle, funded DFF with an initial donation of $21 million. Given DFF’s highly public debut, it seems unlikely that the twins would contribute to another fund without taking a victory lap.
That said, Fellowship’s arrival came hot on the heels of Gemini’s initial public offering on the Nasdaq on September 12. Opening at $37.01, Gemini shares soared to $45 but quickly surrendered most of those gains, and the shares closed Tuesday down another 13.5% to $28.13. Regardless, the IPO raised $425 million, so the Winklevii are flush with cash, which they could have contributed to this new mystery PAC.
Gemini recently got more good news, as it’s reportedly close to reaching a settlement with the Securities and Exchange Commission (SEC) over the unregistered securities complaint filed against the company in 2023.
On September 15, the SEC and Gemini informed the U.S. District Court for the Southern District of New York that they’d “reached a resolution in principle that would completely resolve…