The Guardline
A crypto super PAC that has praised President Donald Trump and previously endorsed an all-Republican slate of candidates has finally found a Democrat it can get behind: New York Rep. Ritchie Torres.
The Fellowship PAC dropped $300,000 on Monday to boost Torres in the final days of his reelection primary campaign, funneling its ad spend through a firm co-founded by Trump’s former top crypto adviser.
The super PAC’s largest funder is Cantor Fitzgerald, the investment bank helmed by the sons of Commerce Secretary Howard Lutnick.
Torres is not expected to face serious opposition in the June 23 primary in New York. The sole public poll of the race put him far ahead of his leading opponent, former Democratic National Committee vice chair Michael Blake.
Torres, the Fellowship PAC, and Blake did not immediately respond to requests for comment.
The spending is another sign of bond between crypto firms and Torres, a member of the key House Committee on Financial Services who has been one of the industry’s most vocal Democratic supporters. Torres was a co-founder of the Congressional Crypto Caucus.
Still, the primary intervention still comes as something of a surprise given that, in the past, the Fellowship PAC only doled out campaign funds on behalf of Republicans. Reporting on its creation, the New York Times described the PAC as “more aligned with the Republican Party and President Trump than Fairshake, which is the dominant, pro-crypto super PAC.”
The PAC signaled support for Trump in a press release announcing its creation in September, praising him for putting “America on the path to become the global crypto capital.” In the months since then, however, the odds that Republicans will control the House after the midterm elections have dimmed.
The Fellowship PAC, which spends on ads rather than giving directly to campaigns, put Torres’s picture on its endorsement page in recent weeks, according to an archive of its website. Other candidates the group has endorsed include Sen. Lindsey Graham, R-S.C., and Texas Attorney General Ken Paxton, R-Texas, in their Senate races.
Big Crypto Bucks for Shoo-in
The Fellowship PAC is not the only crypto campaign organization spending on behalf of Torres. Protect Progress, which is affiliated with the juggernaut crypto super PAC Fairshake, buoyed the Bronx Democrat with nearly $1.4 million in advertising.
The two super PACs are aligned with different factions of the crypto industry. The Fellowship PAC’s chair is the vice president of regulatory affairs for Tether, a massive stablecoin company that is trying to break into the U.S. market after years of scrutiny over its use by money launderers, including terror groups.
Although Tether has not donated directly to the Fellowship PAC, the PAC received $10 million from the financial services firm Cantor Fitzgerald, which is the custodian of billions of dollars of U.S. Treasury bills on behalf of Tether. Lutnick, Trump’s commerce secretary, stepped down as the head of the banking firm and divested his assets to join the Cabinet.
The media buy on behalf of Torres was made through Nxum Group, which was co-founded by Bo Hines, a former Republican congressional candidate who served as the executive director of Trump’s Council of Advisers on Digital Assets last year. Hines is the CEO of Tether U.S., the American division of the El Salvador-based firm.
Protect Progress and Fairshake, meanwhile, have been funded by the crypto exchange Coinbase and the venture capital firm Andreessen Horowitz. Fairshake and its affiliates have spent money on both sides of the aisle, although it was criticized in 2024 for helping tip the Senate in favor of Republicans.
