Crypto Industry's Political Push: Anchorage and Chainlink-backed Fellowship PAC Formalizes Support for 2026 Midterm Candidates

On May 21, 2026, the crypto industry signaled a significant shift in political strategy through the official actions of 'Fellowship PAC,' supported by Anchorage Digital and Chainlink. This hybrid political action committee (PAC) has officially entered the 2026 midterm election cycle by announcing a bipartisan list of candidate endorsements.

The emergence of this PAC is seen as an attempt to unify the industry's voice at a time of heightened regulatory uncertainty and ahead of key legislative challenges. To date, total political spending by the industry in the 2026 election cycle has reached $28 million, significantly exceeding the $22 million spent at the same point in the previous 2024 election cycle.

Fellowship PAC was established with strong support from Anchorage Digital, which provides institutional-grade crypto custody services, and blockchain infrastructure firm Chainlink. Nathan McCauley, co-founder and CEO of Anchorage, has consistently represented the industry's position through regular meetings with lawmakers regarding market structure legislation. This background suggests an aim to exert policy influence based on technical expertise, going beyond simple financial support.

The emergence of Fellowship PAC demonstrates the crypto industry's determination to go beyond merely reacting to regulations and actively shape the legislative environment within the establishment.

The endorsement list announced on May 21, 2026, includes a diverse range of candidates spanning both the Republican and Democratic parties. Notably, Alan Wilson, a candidate for Governor of South Carolina, and Representative Blake Moore of Utah were named as key endorsees. These endorsements target key constituencies across five states, analyzed as a broad attempt to build a legislative landscape favorable to the industry.

Financial Footprint: 2026 Election Funding Analysis

According to Federal Election Commission (FEC) filings, Fellowship PAC reported $175,000 in initial contributions. While this is only a fraction of the $28 million total spent by crypto-related PACs during the 2026 election cycle, there is significant potential for expanding influence through future media buys and other means. The fact that industry-wide spending has increased by more than 27% compared to the previous cycle underscores the importance of the 2026 midterm elections.

• South Carolina gubernatorial candidate Alan Wilson (Republican)
• Utah Congressman Blake Moore (Republican)
• Support for a bipartisan group of candidates across five states and the launch of media campaigns
• Selection of candidates favorable to market structure legislation and stablecoin regulation

The PAC's move is drawing even more attention as it coincides with the resignation announcement of Securities and Exchange Commission (SEC) Commissioner Hester Peirce, often referred to as 'Crypto Mom.' Commissioner Peirce recently formalized her departure from the SEC, announcing plans to transition to a university professorship. Her absence means the loss of a key pro-crypto voice within the SEC, and Fellowship PAC is focusing on securing new political allies during this regulatory transition period.

The biggest legislative challenges currently facing the crypto industry are the stalled market structure bill and the newly proposed 'Strategic Bitcoin Reserve Act.' Led by Representative Nick Begich, this bill aims to establish a $25 billion Bitcoin reserve at the federal level. Fellowship PAC seeks to gain legislative momentum by sponsoring candidates who support such large-scale asset reserves and market transparency.

The prominent role of Anchorage and Chainlink in this PAC's activities is closely tied to their respective business models. Anchorage, a specialized custody firm, hopes that clear market structure legislation will lower barriers to entry for institutional investors. Chainlink, which provides oracle infrastructure, requires stabilization of regulations regarding stablecoin yields and on-chain data. These companies aim to use political influence to lay the groundwork for their technologies to become established as part of the mainstream financial infrastructure.

As the November 2026 midterm elections approach, Fellowship PAC's activities are expected to become more concrete. Although the initial contribution amount is small, the network of institutional-grade sponsors and strategic media campaigns make it highly likely that crypto policy will emerge as a major election issue. Through this election, the industry is facing a critical turning point to secure legal and political legitimacy beyond mere technological innovation.