Crypto-backed PAC that once championed Trump turned to Democratic funding When Fellowship PAC launched last year, it promised to advance the Trump administration's push to make the US a global crypto hub. Early reports portrayed him as a vehicle to support pro-Trump Republicans. Instead, since June she has spent $600,000 on Democrats alone, the intercept reports. The PAC's political shift began just as public polls turned bleak for the GOP heading into the midterms. She supported the re-election campaigns of three Democratic lawmakers: Representative Richie Torres of New York Representative Maggie Goodlander of New Hampshire Senator Mark Warner of Virginia The money was channeled into digital advertising, routed through the Nxum Group, a company founded by Bo Haynes, who previously served as Trump's top crypto advisor. After the 2024 election, Haynes led the White House Digital Assets Advisory Council and advanced stablecoin laws that favored tying. He left the administration in August 2025 and a month later became CEO of the American arm of the American banking firm Kezim. Cantor Fitzgerald donated $10 million to the Fellowship PAC in January Vice President of Regulatory Affairs became Chairman of PACs in April Despite the $100 million war initially, the filings never showed that scale, and by mid-October the cash on hand had dwindled to $250,000. substack | talk.

Crypto-backed PAC that once championed Trump turned to Democratic funding When Fellowship PAC launched last year, it promised to advance the Trump administration's push to make the US a global crypto hub. Early reports portrayed him as a vehicle to support pro-Trump Republicans. Instead, since June she has spent $600,000 on Democrats alone, the intercept reports. The PAC's political shift began just as public polls turned bleak for the GOP heading into the midterms. She supported the re-election campaigns of three Democratic lawmakers: Representative Richie Torres of New York Representative Maggie Goodlander of New Hampshire Senator Mark Warner of Virginia The money was channeled into digital advertising, routed through the Nxum Group, a company founded by Bo Haynes, who previously served as Trump's top crypto advisor. After the 2024 election, Haynes led the White House Digital Assets Advisory Council and advanced stablecoin laws that favored tying. He left the administration in August 2025 and a month later became CEO of the American arm of the American banking firm Kezim. Cantor Fitzgerald donated $10 million to the Fellowship PAC in January Vice President of Regulatory Affairs became Chairman of PACs in April Despite the $100 million war initially, the filings never showed that scale, and by mid-October the cash on hand had dwindled to $250,000. substack | talk.