A crypto-aligned super PAC called Fellowship has begun disclosing campaign spending and endorsements ahead of the 2026 US midterm elections, filing records with the Federal Election Commission that show more than $1.1 million directed toward two Republican candidates in Georgia and Kentucky. The supporting evidence appears in the filing.
The disclosures mark the organization’s first reported electoral activity since it announced its formation in 2025 and claimed a war chest exceeding $100 million from undisclosed backers aligned with the digital assets industry.
According to a Wednesday FEC filing, the PAC reported $300,000 in advertising expenditures for Clay Fuller, a Republican who won a special election for Georgia’s 14th Congressional District after congresswoman Marjorie Taylor Greene resigned her seat. A separate FEC filing disclosed $850,000 spent on advertising for Nate Morris, a Republican competing in Kentucky’s 2026 US Senate race. Both disbursements were reported as occurring on Tuesday and Friday respectively, approximately one month before Republican primaries in both states scheduled for May 19.
Endorsements Span Five States as Fellowship Signals Broader Ambitions
Beyond those two spending reports, Fellowship extended its public footprint on Thursday when it posted a series of endorsements on X, naming candidates across five states. The list included Morris in Kentucky, Alan Wilson running for South Carolina governor, Blake Miguez for Louisiana’s 5th Congressional District, Mike Collins for the US Senate in Georgia, Julia Letlow for the US Senate in Louisiana, and Pete Ricketts for the US Senate in Nebraska.
The breadth of those endorsements signals that Fellowship intends to operate as a multi-race vehicle rather than concentrating fire on a single high-profile contest.
The organization announced its launch in September 2025, and on April 1 confirmed that Jesse Spiro, Tether’s head of government affairs, would chair the PAC.
Spiro’s appointment underscored the organization’s direct ties to the crypto industry and its intent to back candidates who support pro-crypto regulatory positions.
Under FEC rules governing super PACs, Fellowship is legally permitted to receive unlimited contributions from individuals, corporations, labor unions, and other political action committees, provided those funds finance independent expenditures rather than direct coordination with campaigns. That legal structure has made super PACs a preferred vehicle for industry groups seeking to shape election outcomes without the contribution limits that apply to direct campaign donations.
The 2024 Playbook and What It Means for 2026
Fellowship is entering a political environment where crypto-backed spending has already demonstrated measurable influence.
During the 2024 election cycle, the Fairshake PAC deployed more than $130 million across congressional races, a scale of spending that drew widespread attention from political observers and policymakers watching the industry’s growing electoral footprint.
Races including the Ohio US Senate contest were among those where crypto-aligned advertising was particularly visible, though direct attribution of outcomes to any single spending source remains difficult to establish with certainty.
Fellowship’s early activity in 2026 suggests the industry has no intention of scaling back that engagement. With primaries in Georgia and Kentucky arriving on May 19, the PAC’s $1.15 million in reported disbursements so far represents an opening bid rather than a ceiling.
Super PAC spending typically accelerates as primary and general election dates approach, and with $100 million in claimed available capital, Fellowship has significant room to expand its advertising footprint across additional races.
The political backdrop also includes ongoing legislative uncertainty around digital asset regulation.
The CLARITY Act, which passed the US House of Representatives in July 2025 and was expected to represent one of the most comprehensive crypto regulatory frameworks attempted in Congress, has faced repeated delays in the Senate.
As of Monday, the Senate Banking Committee, one of two panels required to advance the bill before a full chamber vote, had not scheduled a markup session, leaving the legislation in limbo with no confirmed path forward.
That stalled regulatory picture gives crypto-aligned PACs a concrete legislative argument for mobilizing support behind candidates who may push for faster Senate action.
Fellowship’s spending and endorsement activity will be worth monitoring closely as the May primaries approach, particularly whether the PAC’s capital commitments move proportionally across the six named races or concentrate resources on a smaller number of contests where outcomes appear closer.
Not Financial Advice: This article is for informational purposes only. Crypto investments are highly volatile. Always do your own research.
