The Fellowship PAC, a political action committee known for its support of Republican candidates, has endorsed New York Representative Ritchie Torres, contributing $300,000 to his reelection primary campaign. This funding was announced on Monday and is aimed at supporting Torres in the final days leading up to the primary election on June 23. The PAC's largest funder is Cantor Fitzgerald, an investment bank led by the sons of Commerce Secretary Howard Lutnick.
Torres is currently leading in polls against his main opponent, Michael Blake, and is recognized as a supporter of the cryptocurrency industry, having co-founded the Congressional Crypto Caucus. The PAC's previous endorsements have primarily been for Republican candidates, making this endorsement of a Democrat notable. The Fellowship PAC has previously expressed support for President Trump, highlighting his contributions to the cryptocurrency sector.
In addition to the Fellowship PAC, Torres has also received support from Protect Progress, a PAC associated with Fairshake, which has contributed nearly $1.4 million in advertising on his behalf. The two PACs represent different factions within the cryptocurrency industry, with the Fellowship PAC's chair being affiliated with Tether, a stablecoin company. The media buy for Torres was facilitated through Nxum Group, co-founded by Bo Hines, a former Republican congressional candidate and executive director of Trump’s Council of Advisers on Digital Assets.