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 records1.
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.
