Cantor Fitzgerald, the financial services firm formerly headed by US Commerce Secretary Howard Lutnick, is stepping up efforts to bring crypto-aligned supporters into the US Congress as the midterm elections approach.
Cantor Fitzgerald Pours $10mn into Tether-Linked Crypto PAC
15 April 2026 - 23:17 CEST
By Ana Pereira
According to filings with the Federal Election Commission, the firm donated $10mn to Fellowship PAC, a crypto-backed political action committee co-founded by Bo Hines. Hines is the US CEO of stablecoin issuer Tether and a former executive director of the President's Council of Advisers on Digital Assets during Donald Trump's second term.
The contribution, disclosed on 15 Apr, comes as digital assets legislation stalls in Congress amid disputes over stablecoin rewards, and highlights growing involvement from traditional finance firms in crypto policy efforts.
The filing shows the PAC has raised about $11mn in January, including a $1mn contribution from Anchor Labs.
Ad spending begins
Separate disclosures from early April show Fellowship PAC has started deploying funds into the 2026 election cycle, spending roughly $1.2mn on advertising supporting Senate candidates including Nate Morris in Kentucky and Pete Ricketts in Nebraska, both Republicans.
The support has also extended to social media, where the PAC publicly endorsed a slate of Republican candidates across federal and state races. Posts published on 9 Apr show endorsements for candidates including Morris and Ricketts, alongside support to Julia Letlow (Louisiana House), Mike Collins (Georgia Senate) and Alan Wilson (South Carolina governor).
Policy push continues
Efforts to advance crypto legislation remain stalled in Congress. Senator Thom Tillis said he expects to release draft language this week aimed at resolving a dispute between banks and crypto firms over whether crypto exchanges should be allowed to offer yield on stablecoins balance, according to an interview with Politico.
Industry steps up engagement
The crypto industry has been increasing its political activity ahead of the midterm elections. The Fellowship PAC, launched in September 2025 with $100mn in funds, is among several groups targeting key races as all House seats and roughly one-third of Senate seats come up for election in November.
PAC spending doesn't always pay off
Of course, even a loaded war chest doesn't guarantee success for crypto's favored candidates. In March, Lieutenant Governor Juliana Stratton won the Democratic nomination for the US Senate in Illinois, prevailing over a $10mn opposition campaign funded by cryptocurrency interest groups.
