Crypto Super PAC Fails to Place Ads in Texas Senate Primary

A recent FEC filing revealed that Fellowship PAC, a super PAC linked to the cryptocurrency industry, had planned to spend $1.75 million on ads supporting Ken Paxton's Senate bid in Texas. However, despite the reported plan, no ads were placed by the group.

The move sparked concerns among Republican leaders who were watching the primary closely, with some viewing it as a potential disruption to the contest between Paxton and Senator John Cornyn. The National Republican Senatorial Committee criticized the filing, citing concerns about outside groups influencing sensitive primaries.

Fellowship PAC has been seeded by Cantor Fitzgerald, a financial firm led by Commerce Secretary Howard Lutnick's sons after he divested his interests last year. The group is chaired by Jesse Spiro, Tether's head of government affairs, and has received significant donations from the cryptocurrency industry, including $10 million from Cantor Fitzgerald.