Thoughts
Short thoughts, notes, links, and musings by Molly White. RSS
In September 2025, a new cryptocurrency super PAC launched, claiming to have $100 million committed.
If true, it would mean the crypto super PACs would have nearly half again as much cash to deploy in the midterms. But their EOY filing showed $0, and I was beginning to wonder if it was a bust.
A week ago, Fellowship PAC announced that Jesse Spiro, head of government affairs at stablecoin company Tether, would be chairing the PAC. Now they've endorsed a slate of Republican candidates, and made their first expenditure ($300,000 in the last moments of Clayton Fuller's successful bid for the special election in GA-14).
It seems like this PAC will indeed be entering the playing field, and potentially dramatically increasing the amount of money in play on behalf of the crypto industry if their earlier claims around funds committed are to be believed. There are a few more days until their quarterly filing is due, at which point we should get more insight into how much money this PAC has on hand and where it's coming from.
Their endorsements so far:
- Alan Wilson, South Carolina governor
- Mike Collins, Georgia Senate
- Julia Letlow, Louisiana Senate
- Pete Ricketts, Nebraska Senate (incumbent)
- Nate Morris, Kentucky Senate
- Blake Miguez, Louisiana House District 5
“It’s honestly been eye opening (in a bad way) to see how special interests work in our system” says the Head of Politics at Kalshi, which pays Donald Trump Jr. to sit on its advisory board and has spent over a million in lobbying over the past ~year. The government has just filed a lawsuit to intervene to protect Kalshi from several state regulators.
The CFTC (the US commodities regulator) has just sued Arizona, Connecticut, and Illinois for their efforts to "outlaw, regulate, or otherwise restrain" prediction markets like Kalshi.
This is another escalation by newly appointed CFTC chair Mike Selig (and sole Commissioner at the agency), who has taken it upon himself to assert the CFTC's sole regulatory authority over prediction markets. Recently, the CFTC filed a supporting brief in Crypto.com's lawsuit against Nevada.
As I wrote then, "Since the CFTC has filed no enforcement actions against prediction markets after embracing the sector following Trump’s election, Selig’s jurisdictional claim seems designed to shield the sector rather than regulate it."
Nevertheless, the CFTC's press release accompanying these lawsuits claims that state regulatory intervention could result in "poorer consumer protection and increased risk of fraud and manipulation".
misophonia sufferers vindicated as scientists confirm the remaining 3% are also under investigation
"Study: 97% Of All Sounds Infuriating", The Onion
the President’s Council of Advisors on Science and Technology has more All-In podcast hosts than professors








