Original Title: "$300 Million Aimed at U.S. Midterm Elections, Tether Executive at the Helm of Crypto Industry's Second Largest Political Fund"
Original Author: Deep Tide TechFlow
Deep Tide Introduction: The crypto super PAC Fellowship, established seven months ago and claiming to have raised over $100 million but having yet to spend a single cent, announced on Wednesday the appointment of Jesse Spiro, Vice President of Regulatory Affairs at Tether US, as its chairman. This marks the first formal public association between Tether and this PAC. Meanwhile, another major PAC in the crypto industry, Fairshake, has amassed a war chest of $193 million; together, these two PACs hold nearly $300 million in political funding aimed at the midterm elections in November, while legislative negotiations regarding stablecoin yields remain unresolved.
The political arms race in the crypto industry is escalating.
According to Cointelegraph on April 1, Fellowship PAC announced on Wednesday that Jesse Spiro, Vice President of Regulatory Affairs at Tether US, will serve as chairman of the organization, responsible for leading its next phase of expansion, and will announce the first endorsements of candidates in the coming days. Fellowship is a super PAC established in August 2025 that claimed last September to have raised "over $100 million" from unnamed donors aligned with the crypto industry.
Spiro stated in a release: "This is a critical moment for American innovation. We have the opportunity to ensure the U.S. continues to be the global center for builders, entrepreneurs, and technological advancement. Fellowship PAC is committed to supporting leaders who understand the stakes and are willing to take action."
From "Denial of Association" to "Executive at the Helm," the Relationship Between Tether and Fellowship Comes to Light
Since its high-profile launch in September last year, the identities of the backers behind Fellowship PAC have been one of the biggest mysteries in the industry.
The PAC did not disclose any management personnel, donors, or key employees at its establishment. Early reports listed Tether as a predicted supporter, but Tether International subsequently formally denied any association with this PAC. According to a CoinDesk report in February this year, a spokesperson for Tether International explicitly stated that "Tether International has no affiliation with Fellowship."
However, FEC records tell a different story. The registered CFO of Fellowship, Mitchell Nobel, is an executive at Cantor Fitzgerald, which is the custodian of the billions of dollars in reserves managed for Tether. The PAC's registered address is located in Bethesda, Maryland.
Now, a current Tether US executive is officially taking the position of PAC chairman, confirming earlier rumors into public record. According to BeInCrypto, this is the first formal and public association established between Fellowship PAC and Tether.
Spiro joined Tether in 2024 as Head of Government Affairs, previously responsible for blockchain and digital asset regulatory relations at PayPal, and even earlier held a leadership position in government affairs at the on-chain analytics company Chainalysis.
$100 Million "War Chest" Yet to be Deployed, FEC Records Show Zero Expenditures
Despite Fellowship claiming to hold $100 million in funds, FEC records show that as of December 31 last year, the PAC reported no donation income or expenditures. Since its launch in September last year, Fellowship has only made three public statements on platform X, operating almost "invisibility."
This contrast has raised widespread skepticism. CoinDesk noted in an investigative report on February 25 that Fellowship has "never shown up" since its establishment seven months ago, and its promised $100 million funding leaves no trace in the disclosures to the Federal Election Commission.
The appointment of Spiro is seen as a signal of Fellowship emerging from its quiet period into the public eye. The PAC stated it would announce the first endorsements of candidates in the coming days, with more than seven months to go until the midterm elections in November.
Bo Hines, Executive Director of the White House Digital Asset Advisory Committee, expressed support for the appointment on platform X, stating: "The fight for American innovation needs serious advocates. Looking forward to seeing leaders who truly understand the stakes get elected."
Crypto PAC Arms Race: Fairshake Holds $193 Million, Already Spent $8.6 Million in Illinois
Fellowship is not the only political funding machine in the crypto industry. Supported by Coinbase, Ripple, and a16z, Fairshake PAC and its affiliated organizations reported holding $193 million in cash as of January this year, making it the largest super PAC in terms of funds in the crypto industry.
Fairshake has already taken action. According to Cointelegraph, the PAC and its affiliate organizations have spent about $8.6 million in the Congressional races in Illinois, which is six times its spending in the state for 2024. Some Fairshake-supported candidates did not succeed in the Illinois primary in March, but there is still a seven-month window until the midterm elections.
During the 2024 election cycle, Fairshake has spent over $130 million on media placements, with most of the more than 50 candidates it supported successfully getting elected. According to statistics from the nonprofit oversight organization Public Citizen, nearly half of the corporate funds flowing into the 2024 elections come from the crypto industry.
Now, with Fellowship and Fairshake's combined war chest of nearly $300 million, alongside other political donation forces in the crypto industry, the 2026 midterm elections are expected to set a new record for political spending in the industry.
Legislative Infighting: Stablecoin Yield Controversy Stalls CLARITY Act, Tether's Interests at Stake
The timing of Spiro's appointment is not coincidental. The most core legislative priority in the crypto industry, the Digital Asset Market CLARITY Act, is currently stalled in the Senate, with one of the main points of contention being stablecoin yields, which directly affect Tether's business model.
The CLARITY Act passed the House in July 2025 by a vote of 294 to 134 and was reviewed by the Senate Agriculture Committee in January this year. However, at the Senate Banking Committee level, fierce battles are taking place between the banking industry and the crypto industry regarding whether stablecoins can pay yields to users based on holdings.
On March 20, Senator Thom Tillis and Angela Alsobrooks reached a principled compromise on stablecoin yields: prohibiting passive yield payments based on holding balances, but allowing reward programs based on transaction activity. According to CoinDesk, crypto industry representatives had considered the language too narrow and vague after reviewing the latest text on Capitol Hill on March 23. Coinbase has stated twice that it does not support the current draft.
The Senate Banking Committee's markup is currently scheduled to resume after the Easter recess in late April. Senator Bernie Moreno warned that if the bill does not advance by May, crypto legislation may not receive serious consideration within the midterm election cycle.
To make matters worse, White House AI and crypto affairs czar David Sacks confirmed on March 26 that his 130-day term has ended and that the government will not appoint a successor. The critical legislative sprint for the crypto industry will proceed without the chief advocate from the White House.
Tether's issuance of USDT is the largest stablecoin in the world, with a market value of approximately $184 billion, but is not available to U.S. residents. Tether launched the compliant stablecoin USAT for the U.S. market last year. The ultimate direction of the stablecoin yield provisions will directly determine the operational space of Tether and its competitors in the U.S. market.
In this context, Tether's decision to have its executive serve as the chairman of the PAC shifts the construction of political influence from behind the scenes into the spotlight, sending a clear signal: during this critical window for legislative negotiation, political funding will be used to safeguard industry interests.
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