author
Ahmed Barakat
author
Share
Cantor Fitzgerald donated $10 million to Fellowship PAC, a cryptocurrency-focused super PAC chaired by Tether’s head of U.S. government affairs, Jesse Spiro, according to Federal Election Commission filings revealed Wednesday.
The donation comes at a time when the line between traditional finance and crypto lobbying capital has become difficult to define.
The address number is large enough for them. The tougher question is whether it will buy into the regulatory outcomes the industry wants – and on what timeline – or not.
- Donor: Cantor Fitzgerald pledged $10 million to Fellowship PAC, which was revealed in Federal Election Commission filings in February.
- Total raised: A Federal Election Commission filing on Wednesday revealed $11 million in total contributions, including donations from other sources along with Cantor’s $10 million.
- PAC Leadership: The PAC Fellowship is led by Jesse Spiro, Head of US Government Affairs at Tether, and was established in 2025.
- digital anchor: The digital asset bank separately contributed $1 million to Fellowship PAC.
- Spending so far: Fellowship allocated $3 million to advocacy ads and $1.5 million to support three Republican candidates, including Kentucky Senate candidate Nate Morris and Georgia Representative Clay Fuller.
- History of Cantor-Tether: Cantor Fitzgerald has served as custodian of Tether’s reserve assets since 2021, making this donation an extension of an already well-established institutional relationship.
- Political context: Fellowship PAC secured more than $100 million in funding commitments before the last election cycle, positioning itself alongside rivals Fairshake and Defend American Jobs.
- He watches: FEC files through 2025 and 2026 for additional commitments toward Fellowship’s $100 million goal and candidate endorsement patterns ahead of pivotal Congressional hearings on cryptocurrency regulation.
How does a Cantor Fellowship donation actually work, and what can $10 million buy in Washington?
A super PAC operates without limits on corporate or individual contributions, provided it does not coordinate directly with candidates.
Fellowship PAC uses this structure to support pro-crypto candidates in federal races and fund ads championing issues — the $3 million already spent on advocacy ads is the clearest example of the latter in action.
Cantor Fitzgerald’s involvement is not a new relationship dressed up as political altruism. The company has custody of Tether’s reserve assets since 2021, putting it at the heart of the world’s most systemically important stablecoin operation.
When Howard Lutnick, then Cantor CEO and now US Secretary of Commerce, faced Senate hearings, lawmakers pressed him specifically on cryptocurrencies’ ties, their effects on liquidity markets and counterterrorism financing policy.
Lutnick has since exited day-to-day operations. Cantor is now managed by his sons. The $10 million donation comes after that shift, making it a cleaner read of corporate intentions rather than an executive’s personal accounts.
The company is making a deliberate bet that Washington’s pro-crypto regulatory findings deserve widespread funding.
The legislative objective is not abstract. Congress is actively discussing frameworks covering stablecoins and Digital asset market structure under the CLARITY ActPolitical action committee funds of this size are aimed directly at shaping who sits in the seats where those votes take place.
Anchorage Digital’s concurrent $1 million contribution to Fellowship suggests the same logic from the native crypto banking side.
The bullish reading is straightforward: A $10 million check from a company of Cantor’s stature suggests that TradFi has moved from cautious observation to active political investment.
This is not the same as achieving regulatory clarity on any specific timetable. PAC spending influences candidate selection and creates political goodwill; it does not write legislation or guarantee votes.
