Major Wall Street Firm Backs Crypto-Friendly Candidates
On April 15, 2026, Cantor Fitzgerald — the Wall Street firm formerly led by current U.S. Commerce Secretary Howard Lutnick and now run by his sons — donated $10 million to the Fellowship PAC, a super PAC focused on supporting candidates who favor “transparent and predictable rules for digital assets,” per The Block.
This marks one of the largest single contributions to a crypto-focused PAC in the current election cycle. The Fellowship PAC, launched in September 2025 with over $100 million in committed backing, is now chaired by Jesse Spiro, Tether’s U.S. executive.
Deep Ties Between Cantor, Tether, and the PAC
Cantor Fitzgerald has maintained a close relationship with Tether since 2021, when it began serving as a custodian for Tether’s reserves. The firm also acts as the reserve custodian and preferred primary dealer for Tether’s new U.S.-focused stablecoin USAT, which launched in January 2026 after Congress passed stablecoin legislation.
Anchorage Digital, the first federally chartered crypto bank and acting issuer of USAT, also contributed $1 million to the Fellowship PAC. In a statement, Anchorage emphasized its commitment to “clear, workable rules for digital assets” and engagement with both Democratic and Republican administrations.
PAC Spending and Political Focus
The Fellowship PAC has already spent over $1 million on advertising for pro-crypto candidates, including:
- Republican Senate candidates Nate Morris (Kentucky) and Pete Ricketts (Nebraska)
- Republican House candidate Clay Fuller (Georgia)
These payments were directed to Nxum Group, LLC, co-founded by Bo Hines, Tether U.S. CEO and former executive director of the President’s Council of Advisers on Digital Assets.
Context and Potential Influence
The donation comes as the crypto industry ramps up political spending ahead of the 2026 midterms. Another major player, the Fairshake PAC, has amassed $193 million as of January 2026.
Critics may view the contribution as an extension of Cantor Fitzgerald’s and Tether’s influence in Washington, especially given Lutnick’s current role as Commerce Secretary and ongoing scrutiny of Tether’s reserve practices during his Senate confirmation hearings.
Tether and Cantor Fitzgerald declined to comment. The Fellowship PAC has not issued a public response to questions about the donation.
