Fellowship PAC spends $1.75M on Paxton bid

The crypto-aligned Fellowship PAC has spent $1.75 million supporting Ken Paxton in Texas’ upcoming Senate runoff race.

A filing with the Federal Election Commission showed the PAC allocated the majority of its more than $3 million advertising spend to Paxton, who faces incumbent John Cornyn in the May contest.

The spending also included funds backing other Republican candidates, with smaller allocations directed toward races in Georgia, Alabama and Louisiana through marketing firm Nxum Group.

Fellowship PAC, launched in September and linked to figures associated with Tether, claims support from crypto-aligned investors, though only $11 million in contributions has been formally disclosed.

Crypto-focused political groups such as Fairshake are expected to play a growing role in the 2026 US midterm elections after spending more than $131 million during the 2024 cycle.

Paxton’s candidacy follows a controversial tenure as Texas Attorney General, including a 2023 impeachment by the state House before his subsequent acquittal by the Senate.

The race comes amid rising intersection between crypto and politics, with platforms like Kalshi recently penalising candidates for betting on their own election outcomes, highlighting increasing scrutiny across both sectors.