Nearly $300 Million Aimed at U.S. Midterm Elections, Tether Executive Takes Helm of Crypto Industry's Second-Largest Political Fund
A crypto super PAC named Fellowship, which claims to have raised over $100 million but has reported zero spending to the FEC, has appointed Jesse Spiro, Tether’s VP of Regulatory Affairs, as its chairman. This marks the first official public link between Tether and the PAC, despite earlier denials.
Meanwhile, another major crypto PAC, Fairshake—backed by Coinbase, Ripple, and a16z—has amassed $193 million and has already spent over $8.6 million in Illinois primary races. Combined, the two PACs control nearly $300 million aimed at influencing the November midterm elections.
The move comes as the crypto industry faces a critical legislative battle over the CLARITY Act, currently stalled in the Senate. A key point of contention is whether stablecoins can pay yields to users—a issue directly affecting Tether, the issuer of the world’s largest stablecoin, USDT. A recent Senate proposal would ban passive yield but allow transaction-based rewards, a compromise the industry finds too restrictive.
With the White House’s top crypto advocate departing and the legislative window narrowing, Tether’s heightened political engagement signals a strategic push to shape regulation and protect its business interests through financial influence.
marsbit04/03 05:08
