Giant Crypto Super PAC Funnels Big Money to Former Trump Official’s Firm to Support… Democrats?
The Fellowship PAC routed more than half a million dollars in support of Democrats through a firm co-founded by former Trump crypto adviser Bo Hines. The post Giant Crypto Super PAC Funnels Big Money to Former Trump Official’s Firm to Support… Democrats? appeared first on The Intercept .
Fellowship PAC, a super PAC backed by cryptocurrency industry funds, has unexpectedly shifted its focus. Established a year ago, the organization initially aimed to support Republican candidates. However, since June, Fellowship PAC has only targeted Democratic candidates, including those who have criticized Trump's meme coin. The PAC has spent $600,000 through a firm co-founded by former Trump adviser Bo Hines to aid Rep. Ritchie Torres of New York, Rep. Maggie Goodlander of New Hampshire, and Sen. Mark Warner of Virginia.
These Democrats are viewed as allies in the crypto community, and none are facing tough elections this fall. All the advertising expenses have been channeled through Nxum Group, Hines' company. Hines, who previously served in the Trump administration, is now the CEO of Tether's U.S. branch. Tether, a major player in the crypto industry, has donated $10 million to Fellowship PAC and has a significant connection to the PAC through Nxum Group.
Despite Hines' claims that he only had a passive investment interest, it has been reported that Tether paid Nxum Group money during Hines' tenure in the Trump administration.
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