The crypto industry demonstrated during the last US election that $100 million spent on congressional campaigns could influence the sector’s political outcomes. So when a new crypto policy action committee anonymously promised to bring this amount to the table in 2026, it suggested an important new (unidentified) voice in digital asset policy.
But the Fellowship PAC never happened.
A September press release received widespread attention last year as a major step forward in already heavy industry campaign spending by the more established super PAC, Fairshake. Among its backers, the new group was expected to include Tether, the global stablecoin leader with its USDT and a more recent push into the United States with a separate subsidiary and the USAT token, although company representatives declined to confirm any links.
“Unlike past policy efforts, Fellowship PAC’s mission is defined by transparency and trust, ensuring that policy action directly supports the broader ecosystem rather than narrow or individual interests,” the PAC’s original September statement said, appearing to suggest that it would chart a different course than Fairshake. The release does not identify any executives, donors or key employees, nor does the PAC’s website.
The Fellowship’s announcement credits President Donald Trump with a regulatory framework “that puts America on the path to becoming the crypto capital of the world.”
Asked about the involvement of Tether, which created its U.S. division around the same time as the Fellowship’s unveiling, a company spokesperson said this week that global Tether had no say in the PAC but remained silent on the participation of U.S. operations in the Fellowship.
“Tether International has no affiliation with or oversight of the Fellowship, so any inquiries can be directed to the Fellowship website and associated email,” the spokesperson said in an email.
Repeated attempts to contact Fellowship went unanswered, although she created the website and an account on social media site X, where her most recent activity was reposting 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 leads digital assets strategy at Cantor Fitzgerald, where Trump’s Commerce Secretary Howard Lutnick was CEO. This company has also managed Tether assets in recent years.
What the Fellowship did not do, according to FEC records, was receive money to operate. Its current records show no funds available.
Under U.S. election law, a PAC cannot be funded by a non-U.S. entity. The influence of foreign money on U.S. politics is a long-standing concern, and it has received renewed scrutiny under the Trump administration, including from those who suggest that PACs supporting Trump may have inappropriate ties to foreign donors. Tether’s political involvement – if it had emerged – could have received greater scrutiny, even if limited to its U.S. operations, because such a subsidiary would have to declare that its money was generated domestically and that its political decisions were not guided by foreign nationals.
Meanwhile, Fairshake, the industry’s largest super PAC, said it had $193 million on hand and that the PAC and its affiliates had begun targeting their early campaigns, seeking to ensure that pro-crypto candidates would eventually join Congress. During the 2024 cycle, Fairshake – primarily funded by Coinbase, a16z and Ripple – has supported more than 50 candidates from both parties who are now in the Senate and House of Representatives.
Some of the early 2026 primaries are fast approaching, meaning any newcomers to political spending could be late arrivals to the party. It’s unclear whether the midterm congressional elections will still see Fellowship’s “$100 million commitment to support pro-innovation and pro-crypto candidates who will safeguard America’s role as a global leader in digital assets and entrepreneurship.”
