US-based financial giant Cantor Fitzgerald has made headlines with a noteworthy move ahead of the upcoming election season, aiming to back candidates supportive of the crypto sector. In February, the company donated a whopping $10 million to Fellowship PAC, as disclosed in Federal Election Commission records. This donation reflects Wall Street’s growing interest in the digital asset space. Cantor Fitzgerald is now run by the sons of Howard Lutnick, the current US Secretary of Commerce and formerly a top executive at the company.
Fellowship PAC’s swift rise and crypto lobbying
Founded in September last year, Fellowship PAC has already secured over $100 million in committed funding. The group’s primary mission is to strongly back candidates who advocate for transparent and predictable regulations for digital assets. This month, Jesse Spiro, the US head of leading stablecoin Tether, took over as PAC president, underlining the increasing influence key crypto players have in lobbying activities.
In last year’s elections, Fellowship PAC delivered millions of dollars in support to pro-crypto candidates. Fairshake, another major PAC with $193 million in reserves as of January, has also joined the effort, signaling the sector’s growing presence in Washington policy circles.
Regulation and the industry’s position
Amid ongoing emphasis on the need for clear regulation, Anchorage Digital, a crypto banking firm, donated $1 million to Fellowship PAC. Speaking on behalf of Anchorage Digital, company representatives emphasized:
“As the first federally chartered crypto bank, we believe that cryptocurrency and thoughtful regulation go hand in hand. We will continue working with both Democrats and Republicans to push for transparent and actionable rules.”
The surge in meetings between industry representatives and lawmakers in recent months reflects mounting interest from both the Republican and Democratic sides. The partnership between Cantor Fitzgerald and Tether, ongoing since 2021, further illustrates how institutional relationships in crypto have evolved.
Tether’s US expansion and campaign advertising
Earlier this year, after the US Congress passed stablecoin legislation, Tether launched its USAT-branded stablecoin for the American market. Anchorage acts as USAT’s issuer, while its reserves are managed and safeguarded by Cantor Fitzgerald.
With elections approaching, Fellowship PAC has spent more than $1 million on ads spotlighting Republican candidates, including Nate Morris in Kentucky, Pete Ricketts in Nebraska, and Clay Fuller in Georgia. The ad campaigns are managed by Nxum Group, a firm co-founded by Tether.US CEO Bo Hines, who previously served as a White House advisor on digital assets.
Tether and Cantor Fitzgerald have not issued official statements regarding these developments. Nonetheless, the surge in funding, lobbying, and regulatory engagement suggests that the upcoming election could see digital assets claim a prominent role in campaign discourse.
