Crypto Money Flows to a Safe Bet in New York

A pro-crypto political action committee that normally backs Republicans has quietly thrown its weight behind a Democrat who looks almost certain to win his primary. The group, called Fellowship PAC, spent $300, 000 last week to promote New York Representative Ritchie Torres in the final stretch of his reelection campaign. That cash came through a firm started by one of former President Trump’s top crypto advisors, showing how money and politics mix in digital currency circles. Torres sits on the House Financial Services Committee and has been a loud supporter of crypto-friendly policies, helping launch the Congressional Crypto Caucus. His main opponent in the June primary, Michael Blake, trails far behind in polls, making Torres a low-risk bet for big spenders. While the PAC usually backs GOP candidates—even praising Trump for trying to make America a crypto leader—this endorsement breaks its pattern.Behind the money is a mix of powerful players. Cantor Fitzgerald, an investment bank tied to the sons of a former Trump cabinet member, gave the PAC $10 million, even though the firm isn’t directly funding campaigns. Tether, a giant in the crypto world with a history of regulatory troubles, has close ties to these financial backers. The PAC’s chair even works for Tether, showing how crypto firms use politics to push their agenda. The spending isn’t all coming from one side. Another pro-crypto group, Protect Progress, has already spent nearly $1. 4 million boosting Torres. The two PACs represent different parts of the crypto world, but both see Torres as a sure bet. With the midterms looking shaky for Republicans, some wonder if crypto’s sudden love for Democrats is just smart strategy—or something more.