Crypto PAC Backed by Tether and Commerce Secretary's Old Firm Gets $10M
A new crypto political action committee, Fellowship PAC, has received a substantial $10 million donation from Cantor Fitzgerald, a firm previously led by the current US Commerce Secretary. This significant funding, coupled with ties to Tether, signals a major push for crypto-friendly policies that could indirectly impact P2P trading environments.
The Fellowship PAC, a relatively new entrant in the crypto lobbying space, has made a significant splash with its first fundraising disclosure, revealing a $10 million contribution from Cantor Fitzgerald. This move is particularly noteworthy given Cantor Fitzgerald's historical ties to Howard Lutnick, the current US Secretary of Commerce, who stepped down from leadership before taking office. The substantial funding underscores a concerted effort to influence political landscapes ahead of upcoming elections.
The PAC's close connections extend to Tether, with Jesse Spiro, Vice President of Regulatory Affairs at Tether US, serving as its Chairman. This relationship is further cemented by Cantor Fitzgerald's existing ownership interest in Tether and its role in safeguarding a portion of Tether's reserve assets. The $10 million from Cantor Fitzgerald, alongside a $1 million contribution from institutional crypto platform Anchorage Digital, marks Fellowship PAC's first major public financial activity after seven months of operation.
Fellowship PAC has also been actively endorsing Republican candidates in key races, including congressional, senatorial, and gubernatorial contests across several states. This strategic backing suggests a targeted approach to shaping policy through electoral support. The PAC has directed significant funds towards specific campaigns, indicating a clear agenda to promote candidates aligned with its objectives.
For P2P trading merchants on platforms like Binance P2P and Bybit P2P, this development, while indirect, is crucial. Increased lobbying efforts and potential policy shifts favoring the crypto industry could lead to a more stable or even growth-oriented regulatory environment. Such an environment might translate to reduced uncertainty, potentially boosting trading volumes and allowing merchants to maintain or improve their spreads on stablecoins like USDT.