Fellowship PAC’s $100M Crypto Campaign Promise Fizzles Ahead of 2026 Elections

The cryptocurrency industry proved during the last U.S. elections that political spending can shape digital asset policy. More than $100 million poured into congressional races helped elevate pro-crypto candidates and influence the regulatory conversation in Washington. So when a newly formed political action committee, Fellowship PAC, announced plans to commit $100 million to the 2026 midterm elections, it signaled the arrival of a powerful new player in crypto politics. Months later, that promise has yet to materialize.

Fellowship PAC generated headlines in September with bold claims of supporting pro-innovation, pro-crypto candidates who would strengthen America’s position as a global crypto capital. The press release praised President Donald Trump for advancing a regulatory framework favorable to digital assets. It also suggested backing from major industry names, reportedly including stablecoin giant Tether, though the company declined to confirm any direct involvement.

Despite its ambitious announcement, Fellowship PAC has shown little tangible activity. The group registered as a super PAC with the Federal Election Commission (FEC), naming Mitchell Nobel, Cantor Fitzgerald’s head of digital assets strategy, as treasurer. Cantor Fitzgerald has previously managed Tether’s reserves, fueling speculation about connections. However, FEC filings currently show zero funds raised and no money on hand.

Under U.S. election law, political action committees cannot accept foreign funding, a critical issue for global crypto firms like Tether. Any political contributions from U.S.-based affiliates would require strict compliance, ensuring funds are domestically sourced and not directed by foreign nationals.

Meanwhile, Fairshake, the leading crypto super PAC backed by Coinbase, Andreessen Horowitz (a16z), and Ripple, has amassed $193 million and already begun targeting 2026 races. With early primaries approaching, Fellowship PAC’s absence raises questions about whether its promised $100 million crypto campaign spending will ever shape the next wave of U.S. digital asset regulation.