BroadChain has learned that as disagreements over stablecoin policy intensify in the U.S., the crypto super PAC Fellowship PAC has appointed Jesse Spiro, Tether's Head of U.S. Policy, as its Chair. Spiro will lead political efforts to support pro-crypto candidates.
This move coincides with stalled progress in the Senate for the Digital Asset Market CLARITY Act. A major point of contention—whether platforms should be allowed to offer yield or incentives to stablecoin holders—has become a critical obstacle to reaching consensus on the bill.
Recently, several crypto firms, including Coinbase, have raised concerns about the latest version of the legislation. Meanwhile, stablecoin issuer Circle is also facing market pressure due to ongoing regulatory uncertainty.
Analysts note that with the midterm elections approaching, the crypto industry is ramping up its political lobbying to secure a more favorable regulatory landscape.