Scoop: GOP called Howard Lutnick to reverse crypto PAC's Texas move
Summary
Senior Republican leaders contacted Commerce Secretary Howard Lutnick to stop a crypto super PAC connected to his former firm from spending nearly $1.75 million to support Ken Paxton in a Texas GOP primary runoff. The PAC did not actually run any ads for Paxton, and Republican officials were relieved it paused its backing to avoid political problems.Key Facts
- A crypto super PAC called Fellowship PAC, linked to Cantor Fitzgerald, planned to spend $1.75 million backing Ken Paxton in a Texas GOP runoff.
- GOP leaders worried this move could hurt Sen. John Cornyn and risk losing the Senate seat to Democrats.
- President Donald Trump has not clearly decided whom to support between Paxton and Cornyn.
- Senior Republicans called Howard Lutnick, who left Cantor Fitzgerald last year, to try to stop the PAC’s spending.
- Fellowship PAC never aired the planned ads for Paxton and is not preparing more ads.
- Fellowship PAC is connected to crypto industry interests and planned to raise $100 million for the 2026 election cycle.
- The crypto industry has spent over $120 million in the 2024 elections, including from large crypto companies and PACs.
- Fellowship PAC reported raising $11 million by mid-April, mostly from Cantor Fitzgerald and a crypto firm called Anchor Labs.
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