New crypto super PAC garners $100 million to help push industry agenda

Brandon Lutnick, right, the chairman of Cantor Fitzgerald, in a discussion with Paolo Ardoino, the chief executive of Tether, at Bitcoin 2025 in Las Vegas, May 29, 2025. Tether, the world’s largest issuer of stablecoins, is expected to back a new super PAC called the Fellowship PAC that plans to spend more than $100 million to elect legislators who will force through crypto’s interests in Washington. (Gabriela Bhaskar/The New York Times)

By THEODORE SCHLEIFER, DAVID YAFFE-BELLANY and SHANE GOLDMACHER

Cryptocurrency companies, including some tied to the Trump administration, are funneling $100 million into a new political effort to support pro-crypto candidates.

A new super PAC called the Fellowship PAC said earlier this week that it would spend more than $100 million on the effort. It was the latest move from the digital-assets industry to overwhelm its political opponents and elect legislators that would force through the industry’s interests in Washington.

The political action committee, notably, appears more aligned with the Republican Party and President Donald Trump than Fairshake, which is the dominant pro-crypto super PAC. The treasurer of the Fellowship PAC is an executive at Cantor Fitzgerald, the Wall Street firm that was formerly run by Secretary of Commerce Howard Lutnick, according to the PAC’s paperwork.

The new PAC posted a news release announcing its creation and $100 million-plus budget, but did not respond to a request for further comment. The group, which has not publicly reported any contributions, hailed Trump for putting “America on the path to become the global crypto capital.” It filed paperwork with the Federal Election Commission last month.

According to two people with knowledge of the matter, the group’s backers are expected to include the firm Tether, which is the world’s largest issuer of stablecoins, a cryptocurrency that is designed to maintain a constant value of $1. Tether, a foreign company, recently established a U.S. entity that could fund the super PAC.

Tether has faced accusations that it lied about its finances and allowed crime to flourish on its platform. But the company has recently worked to cultivate ties with the Trump administration, including by hiring Bo Hines, who was Trump’s cryptocurrency adviser until last month. Tether has also worked closely with Cantor Fitzgerald, which is now run by Lutnick’s sons.

Tether did not have a comment. Cantor Fitzgerald declined to comment, and Fairshake did not respond to a request for comment.

Crypto super PACs played a significant role in the 2024 congressional elections by spending on pro-crypto candidates, some of whom were elected to Congress. Fairshake, the industry’s largest vehicle for spending money, has already banked another nearly $120 million in advance of the 2026 midterm elections, backed by crypto firms such as Coinbase and investors including Andreessen Horowitz.

Fairshake has positioned itself as bipartisan, spending in both the Democratic and Republican primaries and on members of both parties in general elections. That has at times frustrated those who want to see the pro-crypto group be more explicitly aligned with one party.

The introduction of a second, well-funded super PAC could potentially splinter the cryptocurrency industry politically. In its announcement, Fellowship repeatedly took pains to differentiate itself from the industry’s past political work.

“Unlike 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,” the group said in its statement.