Tether’s top government affairs official is now running one of the most well-funded political operations in the crypto 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-aligned super PAC that says it has more than $100 million ready to spend on the 2026 US midterm elections.

First Spending On Record

The group’s opening move was a $300,000 ad buy backing 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. That spending was formally reported to the Federal Election Commission and disbursed this week, roughly a month before Georgia’s Republican primary on May 19.

Fellowship did not stop there. The PAC posted a list of endorsements to its account on X, backing Republican candidates in five states. The list includes Alan Wilson for South Carolina governor, Blake Miguez for Louisiana’s 5th Congressional District, Mike Collins for a Georgia Senate seat, Julia Letlow for a Louisiana Senate seat, Pete Ricketts for Nebraska’s Senate race, and Nate Morris in Kentucky’s Senate contest.

A Familiar Playbook

The crypto industry has done this before. During the 2024 election cycle, Fairshake PAC — another crypto-backed group — poured more than $130 million into congressional races across the country.

Reports indicate the spending may have shaped outcomes in battleground contests, including the Ohio Senate race. Fellowship appears to be following a similar strategy heading into 2026.

Super PACs are allowed by federal law to accept unlimited donations from individuals, corporations, labor unions, and other PACs, as long as the spending remains independent from any candidate’s official campaign.

Fellowship filed its statement of organization in 2025. Its financial backers have not been publicly identified — a legal but notable feature of how these groups operate.

Legislation Still Waiting

While money flows into midterm races, a major crypto bill sits unresolved in the Senate. The CLARITY Act, passed by the House of Representatives last July, was designed to be one of the most far-reaching pieces of legislation affecting the crypto and banking sectors.

It has since run into resistance over questions involving ethics provisions, stablecoin yield rules, and tokenized equities.

Reports say the Senate Banking Committee was considering a review session on the bill, but no date had been placed on the committee’s official calendar as of Monday.

A second Senate panel would also need to clear the legislation before it could advance to a full chamber vote. For now, the bill’s path forward remains uncertain — and the midterms may determine whether it ever gets one.

Featured image from Ivan Marc/Shutterstock, chart from TradingView

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