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US Midterms 2026
17JUL

Fellowship PAC Shows Zero in Federal Filings

2 min read
13:49UTC

Fellowship PAC still shows zero dollars in FEC filings despite claiming $100 million raised. The Q1 2026 disclosure is due 15 April, three days from today.

← Back to Graham's death strands the SAVE Act routeJump to analysis ↓
PoliticsDeveloping
Key takeaway

The 15 April FEC filing will reveal whether Fellowship PAC's $100 million claim has any basis in federal records.

Fellowship PAC still shows $0 in FEC filings despite publicly claiming $100 million raised . The Q1 2026 quarterly report is due 15 April, three days from today. If that filing shows zero again, the claim remains entirely unsupported by federal records 1.

The PAC is chaired by Jesse Spiro, a Tether US executive. Its registered finance director, Mitchell Nobel, works for Cantor Fitzgerald, which custodies Tether's reserves. The personnel connections to the stablecoin industry are direct.

Three explanations persist. The money does not exist, and the public claims function as influence projection without actual spending. The money exists but is structured below reporting thresholds or routed through intermediaries with their own delayed disclosure cycles. Or contributions were received after the previous filing period and will appear in the Q1 report. The 15 April filing will narrow these possibilities. Any reported contributions would reveal donor identity for the first time; continued silence would make the $100 million claim increasingly difficult to take at face value.

Deep Analysis

In plain English

Fellowship PAC is a political action committee connected to the cryptocurrency industry, led by Jesse Spiro (an executive at Tether, a major crypto company) and Mitchell Nobel (an executive at Cantor Fitzgerald, a major Wall Street firm). It has publicly claimed to have raised $100 million to spend on the 2026 elections. The problem: federal election records show the PAC has received exactly $0 in contributions. This is not a small discrepancy , the entire publicly claimed amount is absent from official records. Political action committees are legally required to report contributions above $200 to the Federal Election Commission. If Fellowship PAC had actually received $100 million, those contributions would appear in public records. The Q1 2026 filing due in mid-April is the next opportunity for any contributions to appear. If it shows $0 again, the $100 million claim has no federal evidence to support it.

Sources:Federal Election Commission
Mentions:Mitchell Nobel →FEC →Jesse Spiro →Tether →Cantor Fitzgerald →Fellowship PAC →
First Reported In

Update #2 · First votes exceed every forecast

Federal Election Commission· 12 Apr 2026
Read original →
Causes and effects
This Event
Fellowship PAC Shows Zero in Federal Filings
A second consecutive $0 quarterly filing would confirm that the PAC's $100 million claim is either political theatre or structured through intermediaries designed to avoid disclosure.
Led to
Fellowship PAC: $11m filed, $89m missing
Fellowship PAC's prior $0 filings (ID:2280) set the expectation that the 15 April Q1 filing would resolve the $100M claim, and the $11M disclosure directly updates that finding.
Occurred 15 Apr 2026
Read story →
Fellowship PAC cash halves in a month
Extends the PAC's earlier $0-filings-vs-$100m-claim story with its first disclosed cash decline.
Occurred 30 May 2026
Read story →
Different Perspectives
Non-US foreign-policy commentary (Jerusalem Post)
Non-US foreign-policy commentary (Jerusalem Post)
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Election-law and voting-rights critics
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South Carolina State Election Commission
South Carolina State Election Commission
Commission director Conway Belangia declared the eligibility review "completed" on 16 July, barring anyone who voted in June's Democratic primary from the 11 August Republican primary, citing only "the requirements of South Carolina election law". The commission is standing behind that ruling and its filing-to-runoff calendar without naming the statute either rests on.
Senate Democratic opposition
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Senate Republican leadership
Senate Republican leadership
Majority Leader John Thune moved within two days of Graham's death to install Ron Johnson as Budget chair, whose office says he is "prepared to serve", though no conference vote has confirmed it. Leadership pushed the FY2027 resolution through committee 20-14 on 16 July, treating the vacancy as a gap to close, not a reason to pause the SAVE Act.
Labour-market economists
Labour-market economists
Economists note June payrolls rose just 57,000, about half the forecast 115,000, with April and May revised down further. They call it the only development this week bearing directly on how incumbents can run on the economy in November.