Crypto-Backed Fellowship PAC Deploys Millions in Texas Senate Primary

Fellowship PAC, a political action committee aligned with the cryptocurrency industry, has disclosed significant expenditures aimed at influencing the 2026 US Senate and House races. According to recent Federal Election Commission (FEC) filings, the PAC spent $1.75 million supporting Texas Attorney General Ken Paxton as he faces incumbent Senator John Cornyn in a May runoff to determine the party's nominee. Led by the head of government affairs at stablecoin issuer Tether, Fellowship PAC has spent over $3 million on advertising across several states. The expenditures were routed through the Nxum Group, a marketing firm co-founded by Bo Hines, the CEO of Tether US and a former White House crypto adviser. Beyond Texas, the PAC reported spending $350,000 each for candidates Mike Collins in Georgia and Barry Moore in Alabama. In Louisiana, the group allocated $350,000 to Julia Letlow and $250,000 to Blake Miguez. Fellowship PAC claims to have over $100 million in backing from undisclosed crypto-aligned investors, though only $11 million has been officially reported to the FEC. This activity mirrors the strategy of other crypto-focused groups like Fairshake, which spent over $131 million in 2024. By funding candidates they deem 'pro-crypto,' these PACs aim to shape the future regulatory environment for digital assets in the United States as the 2026 midterm elections approach.