Fellowship PAC Withdraws Support for Texas AG in Senate Race
- The Fellowship political action committee (PAC) claimed over $100 million from crypto-aligned backers but has withdrawn support for Texas Attorney General Ken Paxton.
- Fellowship PAC reported spending $1.75 million on advertising for Paxton, but the expenditure was never placed, according to FEC filings.
- Republican leaders questioned US Commerce Secretary Howard Lutnick about his ties to Fellowship amid the PAC’s backing of Paxton.
- Paxton is set to face incumbent Senator John Cornyn in a runoff election on May 26 before the general election in November.
- Over 120 entities from the cryptocurrency sector have urged Senate leaders to advance the CLARITY Act, a significant bill regarding crypto market structure.
The withdrawal of support by a crypto-backed PAC like Fellowship is notable, especially as it may reflect pressure from Republican leaders amidst ongoing political dynamics in Texas. This development comes as more than $100 million is expected to be spent by various PACs in upcoming elections.
The $1.75 million expenditure reported by Fellowship was not executed, highlighting unusual circumstances around their support for Paxton’s campaign.(Source)
