The crypto industry demonstrated in the last US election that $100 million spent on congressional campaigns could influence political outcomes for the sector, so when a new crypto political action committee anonymously pledged to bring this amount to the 2026 table, it suggested a significant new (unidentified) voice in digital asset politics.
But the Fellowship PAC never arrived.
A September press release received widespread attention last year as a major jump in the industry’s already large campaign spending by the more established leading super PAC, Fairshake. Among its backers, the new group is said to include Tether, the global leader in stablecoins with its USDT and recent push into the US with a separate affiliate and USAT token, although representatives from the company declined to confirm any connection.
“Unlike previous political efforts, Fellowship PAC’s mission is defined by transparency and trust, ensuring that political action directly supports the broader ecosystem rather than narrow or individual interests,” said the PAC’s original September release, which seemed to suggest it would plot a different course than Fairshake. The release did not identify any officers, donors or key employees, nor did the PAC’s website.
The Fellowship’s announcement credited President Donald Trump with a legislative framework “that puts America on the path to becoming the global crypto capital.”
When asked about the involvement of Tether, which established its U.S. division around the same time as the Fellowship disclosure, a company spokesperson said this week that the global Tether has no say in the PAC, but was silent on whether the U.S. operations had any part in Fellowship.
“Tether International has no affiliation with or oversight of the Fellowship, so any inquiries should be directed to the Fellowship website and associated email,” the spokesperson said in an email.
Repeated attempts to contact Fellowship went unanswered, though it established the website and an account on social media X, where its latest activity was to repost a comment from Tether CEO Paolo Ardoino earlier this month. It also registered as a super PAC with the Federal Election Commission, listing its treasurer as Mitchell Nobel, who heads digital asset strategy at Cantor Fitzgerald, where Trump Commerce Secretary Howard Lutnick was managing director. This firm has also handled Tether’s assets in recent years.
What Fellowship did not do, according to the FEC, was receive money with which to operate. Its current applications show zero funds available.
Under US election law, a PAC cannot be funded by a non-US entity. Foreign money influencing U.S. politics has long been a concern, and it has drawn new scrutiny under the Trump administration, including those suggesting Trump-supporting PACs may have improper ties to foreign donors. Political involvement by Tether – if it had emerged – may have attracted further scrutiny, even if it was limited to its US operations, because such a subsidiary would have to represent that its money was generated domestically and its political decisions were not controlled by foreign nationals.
Meanwhile, the industry’s top super PAC, Fairshake, has said it has $193 million, and that the PAC and its affiliates have begun targeting their first campaigns to ensure pro-crypto candidates join Congress. In the 2024 cycle, Fairshake – primarily funded by Coinbase, a16z and Ripple – supported more than 50 candidates from both parties who are now in the Senate and House of Representatives.
Some of the earliest primaries in 2026 are fast approaching, meaning any new entrants to political spending could be late to the party. It’s unclear whether the midterm congressional elections will yet see the Fellowship’s “$100 million commitment to support pro-innovation, pro-crypto candidates who will secure America’s role as the global leader in digital assets and entrepreneurship.”
