Another super PAC, the Fellowship Fund, was funded by Cantor Fitzgerald and is closely tied to stablecoin leader Tether. It gave $3.8 million to Republican candidates earlier in the year, including Ken Paxton, running for the Senate in Texas. Then the PAC added a final three endorsements for Democrats, giving those incumbents $600,000, with half of that going to New York’s U.S. Representative Ritchie Torres, one of his party’s most enthusiastic supporters of crypto.
All three leading crypto PACs have favored Republican candidates more than Democrats, though only the WInklevoss’ effort is a single-party push for the GOP.
“Fairshake has always been and always will be an issue-focused organization,” said spokesman Geoff Vetter in a statement. “We back pro-crypto candidates who support American innovation in both parties, and look forward to continuing to build on the largest pro-crypto caucus in American history.”
The nearly $170 million in campaign dollars from these three PACs, not including smaller or individual donations from crypto executives, puts the industry high among political players in the U.S. congressional contests. The spending, which also doesn’t include dark money devoted to activity that doesn’t require disclosures, represents advertising, direct mailers, political texts and other efforts to influence voters — all done independently of the politicians’ internal campaign strategies.
