Crypto-aligned political action committees are mobilizing significant financial resources to influence the 2026 U.S. midterm elections, with one group alone claiming over $100 million in available funds. Jesse Spiro, Head of Government Affairs for stablecoin issuer Tether, was recently named Chair of Fellowship PAC, a super PAC that has already begun its political spending.
The group's first reported expenditure was a $300,000 advertising buy supporting Republican Clay Fuller, who won a special election for Georgia's 14th Congressional District seat. This spending was formally reported to the Federal Election Commission (FEC) and disbursed in April 2026, roughly a month before Georgia's Republican primary on May 19.
Fellowship PAC has also publicly endorsed Republican candidates in five states via its account on X. The endorsed candidates include Alan Wilson for South Carolina governor, Blake Miguez for Louisiana’s 5th Congressional District, Mike Collins for a Georgia Senate seat, Julia Letlow for a Louisiana Senate seat, Pete Ricketts for Nebraska’s Senate race, and Nate Morris in Kentucky’s Senate contest.
This strategy mirrors the crypto industry's significant political spending during the 2024 election cycle. Another crypto-backed group, Fairshake PAC, poured more than $130 million into congressional races that year, with reports indicating the spending may have influenced outcomes in battleground contests like the Ohio Senate race.
Simultaneously, a separate crypto-aligned political action committee, the Sentinel Action Fund, announced its endorsement of Republican Jon Husted in Ohio's 2026 Senate race. The PAC's president, Jessica Anderson, criticized incumbent Democrat Sherrod Brown for having "stood in the way of pro-innovation policies when it comes to digital assets." Although FEC filings as of early April showed no specific disbursements for Husted in 2026, the Sentinel Action Fund and its sister organization, Right Vote, pledged to spend more than $8 million in Ohio. The Sentinel Action Fund reported raising about $9 million from January 2025 through March 2026, including $750,000 from the Solana Policy Institute and $250,000 from crypto investment firm Multicoin Capital.
This political maneuvering unfolds against a backdrop of stalled federal crypto legislation. The CLARITY Act, passed by the House of Representatives in July 2025, remains unresolved in the Senate. The bill has faced resistance over ethics provisions, stablecoin yield rules, and tokenized equities. As of mid-April 2026, the Senate Banking Committee was considering a review session, but no date had been officially scheduled. The outcome of the midterm elections may ultimately determine the bill's fate.
In a related development, former Republican presidential candidate Vivek Ramaswamy, a backer of Bitcoin treasury company Strive, is running for Governor of Ohio. He has supported efforts to create a strategic Bitcoin reserve in the state. Critics have pointed to potential conflicts of interest, as Ramaswamy reported a 10% stake in Strive, which holds approximately 13,768 BTC (worth over $1 billion), and could benefit if Ohio's treasury invested in Bitcoin during his potential governorship.
