Cantor Fitzgerald has donated $10 million to Fellowship PAC, a political committee backing candidates who support cryptocurrency-friendly policies, according to new U.S. Federal Election Commission filings. The February contribution marks one of the larger single checks tied to digital asset interests in the current election cycle.
Close links between Cantor, Tether and Fellowship PAC
Cantor Fitzgerald, founded and previously owned by current U.S. Commerce Secretary Howard Lutnick, is now run by his sons after he transferred ownership to his family before taking office. The move was intended to separate his public role from private business interests, but political scrutiny has continued.
Since 2021, Cantor Fitzgerald has served as custodian for reserves of Tether, the world’s largest stablecoin issuer. Lawmakers questioned Lutnick at his Senate confirmation hearing last year about the company’s long-term work with Tether and what that relationship could mean for federal digital asset policy.
Fellowship PAC itself is tightly connected to both organizations. The PAC is chaired by Tether executive Jesse Spiro, and its treasurer is Cantor Fitzgerald’s director of digital asset strategy and policy. Public records show that some of the committee’s spending has gone to entities linked to its leadership. Its stated mission is to support candidates who back digital asset innovation and policy reform.
Political spending surge from digital asset sector
The $10 million donation is part of a broader escalation in political spending by companies with large digital asset exposure as regulatory debates intensify. The crypto industry has already spent at least $288 million on the 2026 midterm elections, more than double its total spending during the entire 2024 cycle.
Tether, whose stablecoin had a market capitalization above $144 billion in March 2026, has a direct policy stake in how U.S. rules on digital assets develop. The alignment of a major financial services firm, a politically active committee and the leading stablecoin issuer creates a concentrated channel of influence aimed at shaping those rules.
Targeted spending in key races
Fellowship PAC has already committed more than $1.4 million in media buys to support Republican candidates in senate races in Nebraska and Kentucky and a House race in Georgia. Primaries in those contests are scheduled for May, making the PAC’s early spending a strategic effort to shape candidate fields before the general election.
The committee is expected to continue deploying funds toward candidates whose positions match the operational and regulatory priorities of the digital asset sector, particularly on questions of market structure and oversight.
Policy stakes in congress and the white house
These political moves come as Congress weighs several major digital asset bills. The White House is pressing for a market structure framework that would clarify the division of authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission, a top policy objective for the crypto industry.
Traders and market participants will be watching how these legislative efforts progress alongside the election spending. Outcomes in races backed by Fellowship PAC and similar committees could shape the pace and direction of U.S. cryptocurrency regulation over the coming months.
Regulatory and political implications
U.S. election authorities continue to track large political contributions from entities with significant exposure to upcoming digital asset rules. The combined role of Cantor Fitzgerald as a Tether custodian, its leadership’s former and current presence in government, and the focused activity of Fellowship PAC ensures ongoing attention in Washington.
The success or failure of candidates supported by these funds will provide an early gauge of how effective the sector’s stepped-up political strategy is—and how quickly regulatory clarity for digital assets might emerge.
Want deeper context on how institutions shape crypto? Explore our guide on what cryptocurrency is and how it works today.
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