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Cantor Fitzgerald just dropped $10 million into Fellowship PAC. The money showed up in Federal Election Commission filings this week. Jesse Spiro chairs the PAC—he’s Tether’s U.S. head of government affairs. That’s a pretty direct line between Wall Street money and crypto lobbying.
The donation landed in February, but the paperwork only surfaced Wednesday. Fellowship PAC pulled in $11 million total when you count other donors. Anchorage Digital, which runs a digital asset bank, threw in another million. The PAC wants to back pro-crypto candidates and run advocacy ads. So far it’s burned through $3 million on advocacy and another $1.5 million supporting three Republican candidates. Nate Morris got some of that money. Clay Fuller did too.
Fellowship PAC is new—it started up in 2025. But it’s already playing in the big leagues. The group locked down over $100 million in commitments before the last election cycle. That puts it right alongside Fairshake and Defend American Jobs, which are the other major crypto PACs throwing weight around Washington. More money will probably show up in future FEC filings as Congress keeps wrestling with crypto rules.
Cantor’s Tether Connection Goes Back Years
Cantor Fitzgerald didn’t just wake up one day and decide to care about crypto. The firm’s been custodian for Tether’s reserve assets since 2021. That’s a big deal. Tether is the largest stablecoin by market cap, and Cantor holds the actual dollars and bonds backing those tokens. The $10 million donation isn’t some random move—it’s Cantor doubling down on a relationship it’s had for years.
Howard Lutnick used to run Cantor. He’s U.S. Secretary of Commerce now. Senators grilled him about the firm’s crypto ties during his confirmation hearings. Lutnick stepped back from Cantor when he took the government job. His sons run things now. But the donation shows Cantor’s institutional commitment didn’t change when Lutnick left. The firm wants regulatory outcomes that help digital assets, and it’s willing to spend serious money to get them.
The timing matters. Congress is debating the CLARITY Act right now. That bill tackles stablecoin regulation and how digital asset markets should work. Cantor’s donation and Anchorage Digital’s million bucks are aimed at getting pro-crypto people into office—people who’ll vote the right way when these bills hit the floor.
What the Money Actually Buys
Ten million doesn’t directly write laws. But it buys access. It funds campaigns for candidates who think crypto needs lighter regulation. It pays for ads that frame digital assets as innovation instead of risk. Fellowship PAC already spent $3 million on advocacy advertising. That’s commercials, digital ads, maybe some direct mail. The goal is shifting public opinion so lawmakers feel safe backing crypto-friendly bills.
The PAC also put $1.5 million behind specific Republican candidates. Morris and Fuller are two names that came up in the filings. There’s probably a third candidate who got money too, though the filings didn’t spell out every detail. These candidates will remember who funded their campaigns when crypto bills come up for votes. Industry observers have noted parallels with Tether Backs Stablecoin Infrastructure Push With in recent weeks.
Jesse Spiro runs the PAC, and he’s Tether’s top government affairs guy in the U.S. That’s not a coincidence. Tether has a massive interest in how stablecoin regulation shakes out. If Congress writes rules that make it harder for Tether to operate, the company’s business model takes a hit. Spiro’s job is making sure that doesn’t happen. Running Fellowship PAC gives him a tool to push back.
Traditional finance firms used to watch crypto from the sidelines. Not anymore. Cantor’s $10 million signals a shift from observation to active investment in political outcomes. Banks and asset managers see crypto as a threat or an opportunity depending on the rules. Cantor clearly thinks the rules need to go a certain way, and it’s paying to make that happen.
Anchorage Digital joining in shows crypto-native companies are coordinating with traditional finance. Anchorage isn’t some startup—it’s a federally chartered digital asset bank. Its million-dollar contribution means both old money and new money want the same legislative results. That kind of alignment makes lobbying more effective.
Fellowship PAC is competing with other crypto PACs for influence. Fairshake raised huge sums last cycle. Defend American Jobs did too. The crypto industry figured out that spending money on elections works better than just hiring lobbyists. PACs can run ads, fund candidates, and shape narratives in ways that direct lobbying can’t.
The $100 million in commitments Fellowship PAC secured before the last election cycle shows big players are serious. That money didn’t all get spent yet—some of it’s probably sitting in reserve for upcoming races. The PAC will keep raising and spending as long as crypto regulation stays on Congress’s agenda.
Cantor’s custody relationship with Tether goes back to 2021, which means the firm’s had skin in the crypto game for years. Holding Tether’s reserves isn’t a small gig. Tether’s market cap is in the tens of billions. Cantor earns fees for safeguarding those assets. If Tether gets regulated out of business or forced to change how it operates, Cantor loses that revenue stream. The $10 million donation is basically insurance. Analysts have drawn connections to Grinex Crypto Exchange Shuts Down After amid evolving conditions.
The CLARITY Act is the immediate target. That bill would set ground rules for stablecoins and digital asset trading platforms. How Congress writes those rules will determine which companies thrive and which ones get squeezed out. Cantor and Anchorage Digital are betting that funding pro-crypto candidates now pays off when the votes happen later.
Spiro’s dual role as Tether executive and PAC chairman ties everything together. Tether benefits from favorable stablecoin rules. Cantor benefits from Tether’s continued success. Fellowship PAC benefits from Cantor’s money. And pro-crypto candidates benefit from Fellowship PAC’s spending. It’s a circle that keeps everyone aligned.
Traditional finance getting this deep into crypto politics is new. A few years ago, banks and asset managers mostly stayed out of it. Now Cantor’s writing seven-figure checks to influence elections. That shift shows how serious the stakes are. Crypto isn’t a fringe issue anymore—it’s a regulatory battleground with billions on the line.
Frequently Asked Questions
Who is Jesse Spiro and what role does he play in Fellowship PAC?
Jesse Spiro is Tether’s U.S. head of government affairs and serves as chairman of Fellowship PAC, which received the $10 million donation from Cantor Fitzgerald.
How long has Cantor Fitzgerald been involved with Tether?
Cantor Fitzgerald has served as custodian for Tether’s reserve assets since 2021, establishing a multi-year relationship before making the recent PAC donation.
