Jesse Spiro, Tether’s head of government affairs, warned at Consensus Miami on Friday that the 2026 midterm elections will be a key test for crypto’s recent policy gains in Washington. His remarks come as the industry has seen a string of legislative victories, but faces a shifting political landscape that could upend them.
Why the midterms matter
Midterm elections historically reshape Congress. Control of the House and Senate can flip, committee chairs change, and the legislative agenda gets rewritten. For crypto, which has spent years building bipartisan relationships, a political shakeup could stall or reverse progress on bills like stablecoin oversight and market structure rules.
What Spiro told the crowd
Speaking on a panel at the Miami conference, Spiro said the 2026 midterms will determine whether the recent policy momentum can survive politically. He didn’t name specific candidates or bills, but the message was clear: the industry can’t take its Washington wins for granted. The election will test whether those gains are durable or tied to a friendly Congress that may not return.
The broader context
Crypto firms have poured money into Washington advocacy over the past two years. Tether itself has ramped up its government affairs operation, with Spiro leading the charge. But political winds change fast. Several crypto-friendly lawmakers face competitive races, and anti-crypto sentiment still lingers among some regulators and consumer groups. The midterms will show whether the industry’s lobbying effort has secured lasting influence.
November’s stakes
The elections are set for November 3, 2026. Between now and then, candidates will stake out positions on digital assets. For crypto executives watching from Miami, the next six months will be about more than market prices — they’ll be about whether Washington stays on their side.
