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first_img Gemini founder's PAC invested $81,000 in advertising to support Paxton's campaign for Texas Senator

The super political action committee Digital Freedom Fund, initiated by Gemini co-founders Cameron Winklevoss and Tyler Winklevoss in 2025, submitted documents to the Federal Election Commission on Tuesday, reporting for the first time advertising expenses exceeding $81,000 to support Republican candidate Ken Paxton's campaign for the Texas Senate seat, while opposing Democratic candidate James Talarico. Early voting in Texas began on October 19, with Election Day on November 3.As of September 30, the PAC has raised approximately $34 million, and its expenditures are not limited to Texas. Documents show its involvement in the Ohio Senate race between Republican candidate Jon Husted and Democratic candidate Sherrod Brown, bringing its total support for Husted to about $7 million. Another crypto industry PAC, Fairshake, also reported over $13 million in direct mail advertising expenditures this week, with approximately $9 million supporting Husted and over $4 million opposing independent candidate Dan Osborn in the Nebraska Senate election.These expenditures indicate potential support for candidates who favor crypto policies and legislation. Prediction contracts from Kalshi and Polymarket suggest that Democrats are favored to regain majority control of the House and Senate by 2027, and the majority party in both chambers will influence the legislative process for bills like the Digital Asset Market Structure Act, which failed to pass procedural voting in the Senate last month. Paxton previously defeated incumbent Senator John Cornyn in the May Republican primary, receiving over $500,000 in advertising support from the Fellowship PAC, backed by Anchorage Digital and Cantor Fitzgerald, with the funds executed through the Nxum Group co-founded by Bo Hines.

first_img SBF applied to the U.S. Supreme Court for a rehearing, seeking to overturn the $11 billion forfeiture order

The founder of FTX, Sam Bankman-Fried (SBF), has submitted a petition to the U.S. Supreme Court, requesting to overturn his fraud conviction and revoke the $11 billion forfeiture order. According to CNN, the petition was filed on September 10 local time, led by Alexandra A.E. Shapiro from the law firm Shapiro, Arato, Bach. SBF is currently serving a 25-year prison sentence.The petition raises two core legal issues: first, when can the trial court admit evidence showing whether victims suffered losses, in cases where the prosecution uses a "fraudulent inducement" theory, meaning that it is irrelevant whether the victims suffered economic losses; second, does the Eighth Amendment of the U.S. Constitution allow for forfeiture or other criminal fines that destroy the defendant's future livelihood prospects? The defense argues that the trial court allowed the prosecution to imply that clients suffered massive losses while prohibiting the defense from presenting evidence that clients have been compensated, which constitutes an error.The defense claims that although FTX and Alameda faced liquidity issues at one point, they always held sufficient assets to ultimately pay back investors and clients, and clients have now been repaid with both principal and interest. In 2023, SBF was convicted of multiple counts of fraud and money laundering, and in 2024, he was sentenced to 25 years in prison and ordered to forfeit $11 billion. In June of this year, a panel of the U.S. Second Circuit Court of Appeals upheld the original ruling. The Supreme Court is expected to decide later this year whether to hear the case.
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