The Crypto Political Action Committee appoints Tether executive as chairman, intensifying stablecoin controversy

The crypto super political action committee Fellowship PAC announced the appointment of Jesse Spiro, Tether's U.S. executive, as chairman to lead political actions supporting pro-crypto candidates.

This appointment comes at a time when the advancement of the Digital Asset Market CLARITY Act in the Senate is stalled. The current point of contention is whether to allow platforms to provide yields or incentives for stablecoin holdings, which has become a key obstacle to reaching consensus on the bill. Recently, some crypto companies, including Coinbase, have expressed reservations about the latest version of the bill, while stablecoin issuer Circle is also facing market pressure due to policy uncertainty. Analysts point out that as the midterm elections approach, the crypto industry is ramping up political lobbying efforts in an attempt to secure a more favorable policy environment regarding regulation.