Crypto PAC Appoints Tether Executive as Chairman, Stablecoin Controversy Intensifies

Odaily According to reports, as disagreements over stablecoin policy intensify in the United States, the crypto super political action committee Fellowship PAC has announced the appointment of Tether's U.S. executive Jesse Spiro as its 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 has encountered obstacles. The current point of contention is whether to allow platforms to provide yields or incentives for holding stablecoins, which has become a key obstacle preventing the bill from reaching consensus.

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 increasing its political lobbying efforts, attempting to secure a more favorable policy environment regarding regulatory direction.