Crypto PAC reverses course after GOP concern over Texas race

Senior Republican officials reportedly contacted Commerce Secretary Howard Lutnick after a crypto-linked super PAC signaled plans to spend $1.75 million in Texas. 

The planned spending would have supported Texas Attorney General Ken Paxton in a Republican Senate runoff against Sen. John Cornyn, according to Axios.

The filing drew attention because President Donald Trump had not taken a side in the race. Republican leaders viewed the planned move by Fellowship PAC as a possible disruption in a sensitive primary contest.

Fellowship PAC was seeded by Cantor Fitzgerald, the firm Lutnick led before joining the Trump administration. Lutnick divested his interests last year, and his sons now run the firm, Axios reported.

Planned ad buy did not move forward

Axios reported that Fellowship PAC did not place the ad buy listed in the Federal Election Commission filing. Republican leaders were later told the group had not aired and was not preparing to air pro-Paxton ads.

The report also said media-tracking data showed neither Fellowship PAC nor its ad firm had run political ads this cycle. It remains unclear whether Lutnick acted after the calls from Republican officials.

The National Republican Senatorial Committee criticized the reported filing after it surfaced. The concern centered on the PAC entering a race that GOP leaders were watching closely.

Crypto PAC draws national attention

The crypto angle has made Fellowship PAC one of the more closely watched political groups ahead of the 2026 midterms. Cantor Fitzgerald donated $10 million to the group, according to federal filings reported by Bloomberg and Yahoo Finance.

Fellowship PAC is chaired by Jesse Spiro, Tether’s head of government affairs. The group also received $1 million from Anchor Labs, a crypto infrastructure firm linked to Cantor, according to earlier reports.

Fellowship PAC had reportedly aimed to raise $100 million for the 2026 election cycle. By mid-April, it had brought in $11 million from disclosed backers.

Crypto spending remains under scrutiny

The episode comes as crypto political spending grows in Washington. Axios reported that crypto groups spent roughly $120 million to $130 million in the 2024 elections, including about $40 million from Fairshake.

The 2026 cycle is drawing more attention because the industry is also pushing for clearer digital asset rules. This week, more than 100 crypto companies and lobbying groups urged Congress to move forward on market structure legislation.

Fellowship PAC’s reported Texas filing shows how crypto-linked political spending can attract attention beyond digital asset policy. It also shows how party leaders may respond when outside groups move into contested races.