- Tether‘s Head of Government Affairs, Jesse Spiro, will chair the crypto-funded Fellowship PAC ahead of the 2026 midterms.
- The PAC claims over $100 million in backing and aims to support candidates favoring regulatory clarity for crypto.
- This move signals the crypto industry’s growing influence in US elections, following other PACs like Fairshake that spent over $130 million in 2024.
- Legislation like the CLARITY Act, which could impact stablecoins, remains stalled in the Senate, adding context to the political push.
A major cryptocurrency-focused political action committee is preparing to wield its financial influence in the 2026 US midterm elections. Jesse Spiro, the head of government affairs at stablecoin issuer Tether, will chair the Fellowship PAC, an organization that claimed to have raised “over $100 million” from undisclosed crypto-aligned backers. The PAC announced on Wednesday that Spiro would lead it ahead of its first endorsements for candidates supportive of innovation and digital asset regulatory clarity. Spiro stated, “Fellowship PAC is committed to supporting leaders who understand what’s at stake and are willing to act.”
Consequently, the crypto industry’s political spending is set to intensify. The Fairshake PAC, backed by firms like Ripple Labs and Coinbase, spent more than $130 million on media in the 2024 elections and reported having $193 million for the 2026 cycle. Meanwhile, Fellowship’s specific donors remain unclear, as its FEC filings showed no contributions or expenditures as of December 31, 2025.
However, this political maneuvering occurs against a backdrop of stalled crypto legislation. The House-passed CLARITY Act, which would affect stablecoin issuers like Tether, has been delayed in the Senate Banking Committee. The committee postponed a markup in January, with no rescheduled date as of Wednesday, leaving the bill’s future uncertain.
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