A newly formed advocacy group, dedicated to backing politicians favorable to the cryptocurrency industry, has secured $100 million in initial funding.
The Fellowship Political Action Committee (PAC), as the entity is known, revealed its establishment via a post on X (formerly Twitter) on September 15th.
The committed capital is earmarked to support political candidates championing digital currencies and related technological advancements, with a focus on aligning with the approach to crypto regulation potentially favored by a Trump administration.
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The PAC’s mission is to cultivate a regulatory landscape that encourages growth and innovation for crypto-related businesses and software developers. A key priority is preventing the emigration of skilled workers and emerging companies to countries with clearer, less restrictive crypto policies.
In its initial statement, the Fellowship PAC portrayed itself as a facilitator, connecting technology experts, government authorities, and the general public. The organization underscored that building confidence and operating with complete transparency are central tenets of its operating philosophy.
Their launch, according to their social media announcement, is viewed as the commencement of a sustained, long-term endeavor.
This new PAC joins a growing cohort of similar entities that have recently emerged with the aim of shaping the future of digital currency policy in Washington D.C. It anticipates playing an active part in upcoming congressional elections, particularly focusing on races for seats in both the House of Representatives and the Senate.
Separately, David Bailey, the founder of Bitcoin Magazine and BTC Inc., has articulated his ambition to amass $200 million for a separate political fund solely dedicated to supporting Bitcoin