Pro-crypto PAC to be headed by Tether executive ahead of US midterms

A debate over stablecoin yield, likely to impact Tether, is underway in the US government as lawmakers consider a market structure bill.

Jesse Spiro, the head of government affairs at stablecoin issuer Tether, will be chairing the organization of a crypto-backed Super political action committee (PAC) to “actively support candidates” in the 2026 US midterm elections and beyond.

In a Wednesday announcement, the Fellowship PAC, a committee that launched in August 2025 and later claimed to have raised “over $100 million” from undisclosed backers aligned with the crypto industry, said that Spiro would become chair ahead of its first political endorsements for the 2026 elections.

The PAC said that it would support candidates in favor of innovation, regulatory clarity for digital assets, and open markets.

”We have an opportunity to ensure the United States remains the global hub for builders, entrepreneurs, and technological progress,” said Spiro. “Fellowship PAC is committed to supporting leaders who understand what’s at stake and are willing to act.”

The addition of a crypto-aligned Super PAC with potentially hundreds of millions of dollars could be used to influence US elections. The Fairshake PAC, backed by Ripple Labs and Coinbase, spent more than $130 million on media buys in the 2024 elections, and reported having $193 million ahead of the 2026 midterms.

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Fellowship filed a statement of organization with the US Federal Election Commission (FEC) on Aug. 7 and had reported no contributions or expenditures as of Dec. 31. Although the PAC has claimed to have more than $100 million in its war chest, it was unclear at the time of publication who may be responsible for funding the committee.

Cointelegraph did not receive an immediate response to requests for comment by the PAC.

Money from the crypto industry may already have been a factor in US state primaries, which kicked off in March. Although some industry-aligned candidates did not win their races in Illinois, it will be more than seven months before the 2026 general election, giving PACs like Fairshake, Fellowship, and others the opportunity to sway voters.

Tether, the issuer behind the largest stablecoin by market capitalization, USDt (USDT), is likely to be affected by legislation being considered by US lawmakers in the Senate.

The House of Representatives passed a digital asset market structure bill in July 2025 called the CLARITY Act, which has effectively been stalled in the Senate amid debate over stablecoin rewards, tokenized equities, ethics and other issues.

As of Wednesday, the Senate Banking Committee had not rescheduled a markup on the bill which it postponed in January. It’s unclear if or when the bill could head to the full chamber for a vote.

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Source: CoinTelegraph