A $100 million crypto campaign fund with a pro-Trump vibe has so far failed to show up

CoinDesk

by Jesse Hamilton

February 25, 2026

AI-Generated Deep Dive Summary

A $100 million cryptocurrency-focused political action committee (PAC), known as the Fellowship PAC, made headlines last year with its ambitious promise to influence U.S. politics by funding pro-crypto candidates in the 2026 midterm elections. However, despite initial excitement and reports linking it to Tether, a major stablecoin issuer, the PAC has failed to deliver any funds so far. According to FEC records, the Fellowship PAC currently holds zero assets, raising questions about its legitimacy and whether it will ever meet its $100 million goal. The Fellowship PAC was initially touted as a game-changer for crypto politics, with a September press release highlighting its mission of transparency and trust in supporting the broader cryptocurrency ecosystem. Unlike established super PACs like Fairshake, which has already spent millions on political campaigns, the Fellowship aimed to represent a new voice in digital assets. However, its lack of visible progress has left observers puzzled. Tether’s involvement was widely speculated, but the company denied any direct affiliation with the PAC. Meanwhile, the Fellowship’s website remains largely inactive, and attempts to contact its officials have gone unanswered. The crypto industry has shown that significant political spending can shape policy outcomes, as seen in the 2024 elections where Fairshake played a major role. However, the Fellowship PAC’s failure to follow through raises concerns about its ability to compete with established players like Fairshake, which has already raised $193 million and is actively supporting candidates

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Originally published on CoinDesk on 2/25/2026