The Fellowship political action committee (PAC) announced Wednesday the appointment of Jesse Spiro, Vice President of Regulatory Affairs at Tether US, as its new Chairman.
The news arrives after months of speculation about the PAC’s activity, following its September pledge of $100 million to pro-crypto candidates, though those funds have yet to be deployed.
A New Chapter for a Quiet PAC
In its statement, Fellowship said Spiro will lead the PAC’s next phase of growth, expanding efforts to support pro-innovation candidates. The move comes as primaries unfold across the country ahead of the November midterm elections.
The announcement marked Fellowship’s return to public view after months of near-total silence. Since its September launch, the PAC has made only three public statements on its X account.
The prolonged quiet drew scrutiny, particularly given the scale of its opening pledge: a $100 million war chest earmarked for candidates willing to champion a favorable crypto regulatory agenda.
Federal Election Commission records show the PAC has not yet disbursed a single dollar of those promised funds.
A Denied Affiliation Finally Takes Shape
When Fellowship launched seven months ago, early reports named Tether as an expected backer, given its status as the world’s leading stablecoin issuer. The company did not confirm the connection at the time.
Tether International later formally denied any affiliation with the PAC. Yet FEC records told a different story. Fellowship had listed Mitchell Nobel, a Cantor Fitzgerald executive, as its treasurer. Cantor Fitzgerald is the same firm that custodies Tether’s reserves.
The FEC lists Michel Nobel as treasurer for the Fellowship PAC. Source: FEC.Those longstanding rumors have now taken concrete form with the appointment of a sitting Tether US executive as PAC chairman. For the first time, a formal and public link between the PAC and a Tether official is on the record.
The move signals that the broader crypto industry is consolidating its political presence ahead of what could be one of the most consequential midterm elections in years.
The outcome may well shape the regulatory framework governing digital assets in the United States for the foreseeable future.
The post Tether Executive Steps Into Mysterious $100 Million Crypto PAC Before US Midterms appeared first on BeInCrypto.
Source: https://beincrypto.com/fellowship-pac-tether-executive-midterms/
