Tether Exec Jesse Spiro Named Chairman of Pro-Crypto Super PAC

• Jesse Spiro, Vice President of Regulatory Affairs at Tether US, has been named the new chairman of The Fellowship PAC.
• The super PAC launched in September 2025 with more than $100 million in financial commitments to support pro-crypto political candidates.
• Legislative progress on the Clarity Act has slowed significantly due to disagreements over stablecoin reward structures and opposition from the banking lobby.

New Leadership Amid Political Shifts

As the United States approaches its midterm elections, The Fellowship PAC has appointed Jesse Spiro to lead its efforts in identifying and supporting pro-innovation candidates. Spiro currently serves as the VP of Regulatory Affairs for Tether US and steps into this leadership role at a time when the regulatory environment for digital assets is under heavy scrutiny.

In a formal statement, Spiro emphasized the importance of the current moment for American technological progress, stating that the U.S. has a vital opportunity to remain a global hub for entrepreneurs and builders. He noted that the PAC is dedicated to backing leaders who recognize the high stakes of the industry and are prepared to take legislative action.

Stalled Legislation and Industry Friction

Despite the initial momentum following the GENIUS Act last year, the outlook for the Clarity Act—a primary piece of stablecoin legislation—has become increasingly bleak. Industry analysts at TD Cowen recently expressed growing pessimism regarding the bill's passage within the current year.

A major point of contention involves the ability of crypto platforms to offer rewards to customers for holding stablecoins. While a compromise was proposed to allow rewards for using stablecoins rather than just holding them, it failed to gain enough support from lawmakers. This friction was highlighted when Coinbase reportedly withdrew its support for the latest legislative draft. Meanwhile, Circle, the issuer of USDC, saw its share price impacted by reports of significant opposition to these incentive models.

Banking Opposition and Tether’s Market Presence

The traditional banking sector remains a formidable opponent to certain stablecoin provisions. Banking advocates argue that stablecoins offering rewards function as direct competitors to traditional bank deposits. Because banks rely on these deposits to provide credit and stimulate economic growth, the well-funded banking lobby has pushed back against the legislation.

As these debates continue, Tether maintains a complex position in the market. While its USDT stablecoin has a massive supply of $184 billion, it remains unavailable to residents of the United States. To address the domestic market, the company launched USAT, a stablecoin designed specifically for U.S. compliance. The Fellowship PAC is expected to begin its official candidate endorsements in the coming days as it seeks to deploy its $100 million fund.