What happened?
A new super Political Action Committee (PAC) known as the Fellowship PAC has announced a commitment of $100 million to support political candidates that are friendly to cryptocurrency, according to their press release on September 15. This PAC aims to promote transparency, trust, and the alignment of interests among crypto entrepreneurs, policymakers, and the public.
Who does this affect?
The Fellowship PAC will affect the political landscape, particularly those candidates who are pro-innovation and pro-crypto. Also, it will have implications for crypto entrepreneurs, policymakers, and the general public that the PAC aims to represent. In addition, key players in the crypto industry, such as Tether and Cantor Fitzgerald, could be directly involved with the PAC’s operations and funding, based on reports.
Why does this matter?
This initiative matters because it reflects the increasing influence of crypto-industries on political decision-making and electoral activities. The considerable financial commitment from the Fellowship PAC can contribute significantly to the campaign resources of crypto-supporting candidates. This could potentially shape future policies towards the crypto-industry, affecting the market dynamics and the regulatory framework governing digital assets.