Fellowship PAC Appoints Tether Executive as Chair

On April 2, the crypto super political action committee Fellowship PAC announced the appointment of Jesse Spiro, Tether’s U.S. executive, as chair to lead efforts in supporting pro-crypto candidates. This appointment comes as the advancement of the Digital Asset Market CLARITY Act in the Senate faces obstacles. The current point of contention revolves around whether platforms should be allowed to offer yields or incentives for holding stablecoins, a key barrier to reaching consensus on the bill. Recently, several crypto companies, including Coinbase, have expressed reservations about the latest version of the bill, while stablecoin issuer Circle is also facing market pressure due to policy uncertainties. Analysts point out that as the midterm elections approach, the crypto industry is intensifying its political lobbying efforts to seek a more favorable policy environment regarding regulation.