Tether’s chief government affairs officer now runs one of the most well-funded political operations in the cryptocurrency world. Jesse Spiro, who serves as head of government affairs for the stablecoin giant, was named chair of Fellowship PAC earlier this month — a crypto-allied super PAC that says it has more than $100 million ready to spend on cryptocurrency. 2026 US midterm elections.
First recorded expenditure
Group Opening movement It was a $300,000 ad supporting Clay Fuller, a Republican who won a special election to fill the Georgia 14th Congressional District seat left open after Marjorie Taylor Greene stepped down. The spending was formally reported to the Federal Election Commission and disbursed this week, roughly a month before Georgia’s May 19 Republican primary.
The fellowship did not stop there. the Buck She posted an endorsement list on her X account, supporting Republican candidates in five states. The list includes Alan Wilson for Governor of South Carolina, Blake Meggies for Louisiana’s 5th Congressional District, Mike Collins for the Georgia Senate seat, Julia Letlow for the Louisiana Senate seat, Pete Ricketts for the Nebraska Senate race, and Nate Morris in the Kentucky Senate race.
Source: Federal Election Commission
The playbook is familiar
The cryptocurrency industry has done this before. During the 2024 election cycle. Vershak Back — another cryptocurrency-backed group — has pumped more than $130 million into congressional races across the country.
Reports suggest that spending may have shaped outcomes in battleground contests, including the Senate race in Ohio. The Fellowship appears to be following a similar strategy heading into 2026.
Super PACs Federal law allows them to accept unlimited donations from individuals, corporations, labor unions and other political action committees, as long as spending remains independent of any candidate’s official campaign.
Fellowship filed its organizational statement in 2025. Its financial backers have not been publicly identified, a legal but notable feature of how these groups operate.
Legislation is still awaited
While money is flowing into the midterm races, a major cryptocurrency bill remains unresolved in the Senate. the The law of clarityThis law, which was passed by the House of Representatives last July, is designed to be one of the most far-reaching pieces of legislation affecting… encryption and banking sectors.
It has since faced resistance on issues related to ethics provisions, stablecoin return rules, and tokenized shares.
Reports say the Senate Banking Committee is considering holding a review hearing on the bill, but no date has been set on the committee’s official calendar as of Monday.
A second Senate committee will also need to approve the legislation before it can move forward to a full vote. For now, the bill’s path remains uncertain, and the midterm elections may determine whether it gets it or not.
Featured image by Ivan Marc/Shutterstock, chart from TradingView
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