Fellowship claims to hold over $100 million in funding from undisclosed backers with ties to the crypto industry
Crypto News
Fellowship, a crypto-aligned super political action committee (PAC), has begun endorsing candidates for the 2026 U.S. midterm elections.
The PAC posted its endorsements on X on Thursday, naming Republicans running in races across five states. It is the committee's first major public activity since it filed its statement of organization in 2025.
Fellowship claims to hold over $100 million in funding from undisclosed backers with ties to the crypto industry. A filing with the Federal Election Commission shows the PAC disbursed $300,000 on advertising for Clay Fuller. Fuller is a Republican who won a special election for Georgia's 14th Congressional District after Marjorie Taylor Greene resigned. The ad spending was reported on Tuesday, about four weeks before Georgia's Republican primary on May 19.
The six endorsed candidates are Alan Wilson for South Carolina governor, Blake Miguez for Louisiana's 5th Congressional District, Mike Collins for the U.S. Senate in Georgia, Julia Letlow for the U.S. Senate in Louisiana, Pete Ricketts for the U.S. Senate in Nebraska, and Nate Morris for the U.S. Senate in Kentucky.
Under federal election law, super PACs may accept unlimited contributions from individuals, corporations, labor unions, and other PACs. Those funds can be used to finance independent political expenditures, as long as the PAC does not coordinate directly with any campaign. Fellowship is one of several crypto-backed committees planning to spend in this cycle.
In 2024, the Fairshake PAC spent more than $130 million on congressional media buys. Its spending was concentrated in competitive races, including the U.S. Senate contest in Ohio. Industry observers expect similar levels of activity heading into 2026.
Fellowship named Jesse Spiro, Tether's head of government affairs, as its chair on April 1. The appointment signals the PAC's intent to back candidates who support crypto-friendly legislation. The committee has not disclosed the identities of its donors.
The endorsements come as the CLARITY Act remains stalled in the Senate. The bill, which passed the U.S. House of Representatives in July, is one of the most comprehensive pieces of proposed crypto and banking legislation. The Senate Banking Committee was expected to hold a markup session over the weekend, but no such event appeared on the committee's public calendar as of Monday.
Senators have raised objections over the bill's provisions on ethics, stablecoin yield, and tokenized equities. No timeline for a Senate floor vote has been confirmed. Fellowship's early spending suggests the industry intends to use electoral pressure while the legislative path remains unclear.
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