Tether executive warns the 2026 midterms could have 'seismic impact' on crypto industry
Jesse Spiro, Head of Government Affairs at Tether, said at Consensus Miami 2026 that the midterms will be a key test for whether crypto’s recent policy gains in Washington can survive politically.
By Margaux Nijkerk|Edited by Stephen Alpher May 7, 2026, 6:28 p.m. 2 min readMake preferred on
What to know:
- Jesse Spiro, Head of Government Affairs at Tether, said the 2026 midterms will be a key test for whether crypto’s recent policy gains in Washington can survive politically, warning the elections could have a major impact on the industry even after progress on legislation like the GENIUS Act.
- The panel at Consensus Miami 2026 broadly agreed that crypto is becoming a more organized political force ahead of the midterms, with industry groups ramping up campaign spending and voter mobilization efforts to shape Congress and push for more durable pro-crypto policy.
Miami — Tether.io Head of Government Affairs Jesse Spiro said the crypto industry sees the 2026 U.S. midterm elections as a critical test for whether Washington’s recent embrace of digital assets will endure.
“What we’ve seen is a lot of good immersion and progress over the last year,” Spiro said during a panel discussion at the Consensus Miami 2026 conference, pointing to the passage of the GENIUS Act and progress on market structure legislation. “But as with anything else, the apple cart can always get upset.”
Spiro warned that the elections could have a “seismic impact” on the industry’s trajectory, even as crypto advocacy groups prepare to deploy major political spending and grassroots organizing.
“Crypto should not be partisan,” Spiro said. “Best case is that we have members that are supportive of the industry, supportive of the ecosystem, supportive of good policy.”
Other panelists argued the industry’s political influence is only growing ahead of November.
Colin McLaren, Head of Government Relations at the Solana Policy Institute, said crypto’s political efforts are now focused on “durability,” ensuring that the future of Congress continues advancing industry priorities, including tax reform and protections for developers.
“You can make the down payment on a house, but you've got to keep paying the mortgage,” McLaren said, referring to crypto’s campaign spending efforts after the industry poured hundreds of millions into the 2024 election cycle.
Mason Lynaugh, Executive Director of Stand With Crypto, said the group’s nearly 3 million members are increasingly viewing elections as “an accountability moment.”
“They’re going to show up and support the people that supported them,” Lynaugh said, adding that crypto voters are highly motivated and could sway close races. “If something is decided by 4,000 votes, 5,000 votes … all we have to do is turn them out.”
Read more: Crypto is at bottom of U.S. voters' priorities heading into elections, CoinDesk survey shows
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