As the odds of new digital asset legislation passing Congress narrow, a pro-crypto super PAC has chosen Tether US executive Jesse Spiro to be its chairman.

Spiro will lead The Fellowship PAC's efforts to support pro-crypto candidates ahead of this year's midterm elections in the United States, according to a statement. The Tether US VP of Regulatory Affairs assumes the new role as the battle over new crypto legislation has intensified in recent weeks.

"This is a pivotal moment for American innovation. We have an opportunity to ensure the United States remains the global hub for builders, entrepreneurs, and technological progress," Spiro said in a statement. "Fellowship PAC is committed to supporting leaders who understand what’s at stake and are willing to act."

Clarity remains blurred

Despite early optimism following passage of the stablecoin-focused GENIUS Act last year, the chances of Congress passing the Clarity Act have dimmed, by some accounts. A contentious debate over whether or not companies should be able to pay clients rewards for holding stablecoins appears to have stalled the bill in the Senate.

Last week, Coinbase reportedly declined to support the latest draft of the legislation. Circle, issuer of the USDC stablecoin, saw its shares fall amid reports that there was strong opposition against companies like Coinbase offering incentives to users for holding USDC.

This week, analysts at investment bank TD Cowen said they were "increasingly pessimistic" that the Clarity Act will pass this year. A proposed compromise that would allow platforms like Coinbase to reward clients for using their stablecoins — rather than simply holding them — appears to have failed to satisfy pro-crypto policymakers and lawmakers.

Banking advocates argue that allowing platforms to pay rewards for holding stablecoins would directly compete with bank deposits, which traditional financial institutions rely on to issue credit, which in turn helps fuel the economy. The banking lobby is one of the most heavily funded and powerful in Washington, D.C.

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$100 million crypto PAC

Launched in Sept. 2025, The Fellowship PAC kicked off with over $100 million in committed financial backing with the mandate to support "pro-innovation, pro-crypto candidates."

Tether US, where Spiro works, is closely linked to Tether, the world's largest stablecoin issuer. Tether's USDT stablecoin, which has a supply of $184 billion, is not available to U.S. citizens or residents. Tether launched a U.S.-compliant stablecoin known as USAT.

The Fellowship PAC said it would begin announcing candidate endorsements in the coming days.