- After saying it would deploy $100 million in the 2026 U.S. mid-term elections to shape crypto policy, the anonymously launched Fellowship PAC has yet to raise any funds, raising questions about its intentions.
- Though early reports linked Tether to the effort, the stablecoin giant’s International operation has denied any affiliation, leaving the PAC’s potential political influence shrouded in uncertainty.
A promise made in September 2025 by an independent and anonymous political action committee (PAC) to back pro-crypto candidates in the upcoming US mid-term elections has failed to materialise.
The Fellowship PAC gained significant attention when it launched in September via a media statement that claimed it would commit US$100 million (AU$140m) to support “candidates committed to transparent and predictable rules for digital assets.”
But US Federal Election Commission (FEC) data shows the Fellowship PAC has yet to raise any funds after registering in August 2025.
Last year, The New York Times reported that “two people with knowledge of the matter” said the group’s backers were likely to include the firm Tether, issuer of the USDT stablecoin. Tether established a US base in September 2025 and appointed Bo Hines as CEO. Hines was former chief of President Donald Trump’s Council of Advisers on Digital Assets.
Related: Tether Enters the US at Last With Launch of USAT Stablecoin
This week, CoinDesk quoted a Tether spokesperson who said that its global operation had “no affiliation or oversight of Fellowship” but didn’t explicitly deny whether its US operation was involved.
Mid-term elections decide the make-up of the US Congress — all 435 seats in the House of Representatives and one-third of the US Senate. While the general election isn’t until November, state-based primary elections to determine the candidates who will be nominated are due to begin from March 3 onwards.
Another well-known pro-crypto PAC — Fairshake — said in January that it has amassed over US$190 million (AU$266m), and it recently stumped up US$1.5 million (AU$2.1m) to defeat Democratic representative Al Green in the Texas primary next month.
“Transparent” PAC Gives Off Pro-Trump Vibes
Who’s behind the Fellowship PAC is shrouded in mystery, despite the group claiming that “transparency and trust is our differentiator,” in its launch statement last year.
It seemed to be aiming to distance itself from previous crypto industry policy manoeuvres. “Unlike past political efforts, the Fellowship PAC’s mission is defined by transparency and trust, ensuring political action directly supports the broader ecosystem rather than narrow or individual interests,” its original statement read.
It also included praise for Trump: “Under President Trump’s administration, a regulatory framework is being established that puts America on the path to become the global crypto capital.”
Related: Trump Raises Global Tariff to 15% After Court Blocks Emergency Powers
Mitchell Nobel is listed as the PAC’s Treasurer on the FEC website. Nobel is a lawyer employed at Cantor Fitzgerald, which is a New York-based financial services firm. His LinkedIn profile shows he was elevated to the position of Director of Digital Asset Strategy and Policy in August 2025, the same month the PAC was registered.
Cantor Fitzgerald was formerly led by Howard Lutnick — who subsequently took up the role of Secretary of Commerce in Donald Trump’s second cabinet. The firm is now run by Lutnick’s sons and has also worked closely with Tether.
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