GOP Presses Commerce Secretary Over Crypto PAC’s Texas Ads

Senior Republican officials reached out to Commerce Secretary Howard Lutnick after Fellowship PAC, seeded by Cantor Fitzgerald, filed paperwork indicating a $1.75 million planned ad buy to back Texas Attorney General Ken Paxton in the state's Republican runoff against Sen. John Cornyn. The advertising listed in the filing did not air.

Party leaders made the calls because they viewed the planned expenditure as an unnecessary intervention in a heated intra-party contest. Officials did not indicate whether Lutnick took any action in response to the outreach.

By midweek, Republican leaders reported they were reassured that Fellowship PAC had not aired and was not preparing to air pro-Paxton advertisements. Media-tracking data showed neither Fellowship PAC nor the ad firm named in its filing had run political ads during the current election cycle.

Fellowship PAC is a new, crypto-aligned super PAC led by Jesse Spiro, who serves as head of government affairs at Tether. Cantor Fitzgerald donated $10 million to the group. The PAC reported about $11 million in mid-April fundraising, including a separate $1 million contribution from Anchor Labs, a crypto infrastructure firm that works with Cantor Fitzgerald. The PAC has stated a goal of raising up to $100 million for the 2026 cycle.

Howard Lutnick formerly ran Cantor Fitzgerald and divested his interests before joining the administration; his sons now run the firm. He was confirmed as U.S. commerce secretary last year.

The Paxton–Cornyn runoff has drawn national attention. President Donald Trump has not intervened to settle the contest between the two Republican figures.

The episode has added scrutiny to political spending tied to crypto firms. Separately, a broad coalition of crypto companies and trade groups has urged Congress to advance legislation on crypto market structure.

Advertising tracking showed no evidence that Fellowship PAC or its named vendor purchased or aired the $1.75 million in television or digital ads listed in the FEC filing. Party operatives monitoring the race reported no pro-Paxton spots from the PAC on local or national outlets.