Ken Paxton gets half a million dollars from a cryptocurrency-backed political committee. Fellowship PAC, an $11 million fund backed by Cantor Fitzgerald and Anchorage Digital, has revealed to the Federal Election Commission that it plans to spend $500,000 to support a Texas attorney general in his bid for a U.S. Senate seat.
A bipartisan push
Paxton’s spending is separate from another crypto-aligned group making waves this week. The Blockchain Leadership Fund, backed by Chainlink Labs and Anchorage Digital, has announced its launch support Of the 10 candidates across seven states for the 2026 midterm elections — four are running for the U.S. Senate and six for the House of Representatives.
The list crosses party lines. Republicans Barry Moore, Kurt Alme, and Jon Husted are among the candidates running in Senate races in Alabama, Montana, and Ohio. Democrat Angie Craig is backed in the Minnesota Senate race, while Adrian Boafo, Christian Menefee and Don Davis have received endorsements to run for the House of Representatives in Maryland, Texas and North Carolina.
Blockchain Leadership funding. Source: FEC
Anchorage Digital said Party participation is fundamental to its approach. A company spokesperson said: “We are committed to supporting responsible innovation and constructive policy making that increases digital assets in the regulatory environment and enhances trust in the ecosystem.”
Small box, big company
Despite support from two prominent cryptocurrency companies, the Blockchain Leadership Fund has raised relatively little so far. FEC filings appear Total $175,000 Contributions – $100,000 from Anchorage and $75,000 from Chainlink.
That number contrasts sharply with Fairshake, a separate cryptocurrency political action committee, whose affiliates have already spent millions in some of the same races.
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The Defend American Jobs PAC, an affiliate of Fairshake, has dropped a total of $8.5 million on the media for some of the same candidates the Blockchain Leadership Fund is now backing.
Another affiliate, Protect Progress, spent more than $4.1 million supporting Menefee in Texas and more than $2 million supporting Boafo in Maryland.
The Blockchain Leadership Fund said it might do so support Additional candidates before November who support responsible digital asset policy.
Texas takes center stage
The Texas Senate race attracts the most attention, and the most money. US President Donald Trump announced his decision supports favored Paxton over Republican incumbent John Cornyn, and crypto money followed.
Fellowship PAC’s $500,000 commitment to Paxton came after an earlier withdrawal of support was reported, which was linked to lobbying linked to Commerce Secretary Howard Lutnick.
Paxton and Cornyn are headed to a runoff in the Republican primary. On the Democratic side, State Representative James Tallarico, who won the March primary, will face any Republican who emerges from that contest.
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