Lobbying

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    Crypto-Backed PAC Falls Short of $100M Claims—Spends Big with Tether-Linked Firm

    ByPhil McCracken

    In a world where big claims often come with small receipts, Fellowship PAC has announced a modest $11 million in contributions, leaving the $100 million it once boasted about as elusive as a polite cab ride in a rainstorm. Yet, the one move they didn’t skimp on? Sending a cool $3 million to a firm co-founded by Tether US’s CEO, Bo Hines, for an ad buy that smells suspiciously like lobbyist cologne.

    This isn’t just a numbers game; it’s a peek into how what looked like a $100 million mileage turned into one with more broken odometers than a clunker dealership. The Federal Election Commission (FEC) filings revealed $10 million came from Cantor Fitzgerald and $1 million from Anchorage Digital—ironic, considering we were promised a crypto gold rush at the PAC’s launch event last September, which seems to have been a mirage in reverse.

    For those keeping score at home, a healthy chunk of that wallet went to Nxum Group for issue advocacy ads, a firm with Bo Hines, a familiar face from Tether, in the driver’s seat. Let’s call it a comfort zone spend, touching base with a fellow expatriate from the land of crypto volatility.

    Why should the average citizen care about a PAC’s balance sheet that reads like a bad accounting joke? Well, the ties between Cantor Fitzgerald and Tether could make any public treasury watchdog twitchy. As Tether’s fiscal shadow looms large, the stakes for pay-to-play optics have never been higher. It’s the kind of thing that gives campaign finance a revolving door that even doorway enthusiasts would admire.

    The underside of these figures is a lesson in vendor access where the purse strings are snagged by financial Goliaths rather than the crypto enthusiasts rooting in the blockchain bleachers. But to wrap it all up, remember folks, in the world of political finance: public virtue often takes a back seat, leaving private mileage and insider deals to fill the tank.

    Sources

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    PhRMA’s Seven-Figure 340B Ad Blitz vs. TrumpRx Lobbying Surge

    ByPhil McCracken

    PhRMA isn’t playing coy. Earlier this month, they rolled out a seven-figure ad campaign targeting the 340B drug discount program, branding it as a cozy corner for hospital exploitation. On the surface: a public service announcement in slick-suit attire. Behind the curtain, though, the same outfit was pouring $12.2 million in Q1 2026 into lobbying efforts—ranking as one of the trade group’s heftiest checks ever written in a quarter, according to Bloomberg Law.

    The paradox here would amuse a cat. While television screens flash with moral indignation over discounted meds for clinics serving the underprivileged, PhRMA’s lobbyists are busy weaving legislative webs in Capitol Hill hallways. If talk is cheap, lobbying clearly doesn’t get the same discount—more like champagne on a shoe-string cut price.

    Here’s the kicker: PhRMA isn’t isolated on this spending spree. As reported by the Sacramento Bee, pharmaceutical companies tied to the TrumpRx initiative shelled out over $130 million in 2025, marking a 23% increase in their lobbying efforts. The narrative is clear: while projecting a wholesome PSA vibe against drug discounts, Big Pharma is wrapping Capitol Hill in a cashmere blanket of influence.

    The 340B program, designed to enable hospitals and clinics to provide affordable meds to needy patients, has been a thorn in PhRMA’s side for a while. They argue the rebates are a windfall for hospitals rather than a direct benefit for patients. You could say it’s a bit like suggesting the hospital uses the program’s ‘gains’ to sneak an espresso machine into the break room.

    Then there’s TrumpRx, a program ostensibly crafted to curb soaring drug prices. Its partners’ heightened lobby spend tells a different story: ensuring the policymaking process is as friendly as a longtime poker buddy.

    The juxtaposition is almost laughable: the louder the commercials, the fatter the lobbying invoices. Public outrage serves as the shiny distraction while the private billing department hums its quiet tune, and yet, who’s footing the bill? Not the executive who’s likely enjoying a cafe’s worth of gratis macchiatos—but rather taxpayers, indirectly contributing to this financial ballet.

    Keep your eyes peeled; as these ad campaigns echo on, the Q2 lobbying disclosures are bound to deliver another round of intrigue—and perhaps, a few more giggles from those tracking lobbyist cologne and receipt trails.

    Sources

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