Crypto Super PAC Faces Funding Questions
In September 2023, a crypto super political action committee (PAC) named Fellowship PAC made headlines by pledging to raise $100 million for the 2026 U.S. midterm elections. However, according to the latest filings with the Federal Election Commission (FEC), the committee has yet to raise any funds and holds a zero balance, sparking concerns over its operational viability.
Tether Denies All Connections
Rumors had previously linked Fellowship PAC to Tether, the issuer of the world’s most widely used stablecoin. However, a Tether spokesperson clarified this week that Tether International has no affiliation, oversight, or involvement with Fellowship PAC. The company reiterated its neutrality regarding political fundraising efforts.
High Hopes Clash With Reality
The crypto industry has increasingly turned to political advocacy in recent years, aiming to shape U.S. policy. Yet, Fellowship PAC’s lack of financial backing highlights the challenges such initiatives face. Despite ambitious goals, the absence of concrete progress may undermine the group’s credibility among supporters and lawmakers alike.
Transparency Remains a Key Concern
This situation also brings PAC funding transparency back into focus. While the FEC’s disclosure rules provide accountability, the Fellowship PAC case underscores that the crypto sector’s political influence is still in its infancy, with many questions remaining about its long-term strategy.
- Fellowship PAC pledged $100M for the 2026 midterm elections
- FEC filings show the PAC has zero funds so far
- Tether denies any affiliation with the PAC
- Industry optimism faces a reality check amid transparency concerns