Why are crypto PACs spending heavily in Texas runoff elections?

Crypto-aligned political action committees are investing millions because the Texas runoff races could influence future U.S. crypto regulation and the balance of power in Congress. The industry is trying to back candidates viewed as more supportive of digital asset legislation.

Why is the crypto industry opposing Al Green?

Protect Progress reportedly described Green as “actively hostile” toward digital assets and crypto-related policy priorities. The spending suggests crypto groups are increasingly willing to target incumbents viewed as unsupportive of the industry.

Why is the Texas Senate runoff important for crypto policy?

The Republican Senate runoff between Ken Paxton and John Cornyn could influence future congressional support for crypto legislation. Industry-backed groups appear to prefer candidates seen as more aligned with pro-crypto policy positions.

Which crypto-linked companies are connected to the PAC spending?

Protect Progress is affiliated with the Fairshake network backed by Ripple and Coinbase. Another PAC, Fellowship PAC, is backed by Cantor Fitzgerald and Anchorage Digital.

What do prediction markets say about the runoff races?

Kalshi gave Menefee about a 91% chance of defeating Green and Paxton roughly a 96% chance of defeating Cornyn ahead of the vote. Polymarket showed similar expectations.

Why is the crypto industry becoming more politically active?

Crypto companies increasingly view elections as critical to shaping regulation around stablecoins, exchanges and digital asset oversight. The industry has expanded political spending to support lawmakers likely to back favourable legislation.

What is the GENIUS Act mentioned in the report?

The GENIUS Act is proposed stablecoin legislation supported by many crypto industry groups. Supporters argue it could provide clearer rules for stablecoin issuers and strengthen the legal framework for digital payments in the United States.

Image for illustrative purposes only. Not a real photo.

Crypto PACs target Texas runoff races

Q: Who is Protect Progress supporting in Texas?

Protect Progress spent about $5 million supporting Democratic challenger Christian Menefee against incumbent Al Green in Texas’ 18th congressional district. The PAC also spent roughly $2.8 million on ads opposing Green.

Written by Jon CuthbertPublished May. 26 2026

Crypto-aligned political action committees poured millions of dollars into Texas primary runoff races ahead of Tuesday’s congressional and Senate elections.

Protect Progress, affiliated with the Fairshake network backed by Ripple and Coinbase, reported spending about $5 million supporting Democratic challenger Christian Menefee against incumbent Al Green in Texas’ 18th congressional district.

The PAC also spent roughly $2.8 million on advertisements opposing Green, whom the group described as “actively hostile” toward digital assets and crypto policy initiatives.

Statewide, the Fellowship PAC, backed by Cantor Fitzgerald and Anchorage Digital, spent $500,000 supporting Ken Paxton over incumbent Senator John Cornyn in the Republican Senate runoff.

Prediction market platform Kalshi gave Menefee roughly a 91% chance of defeating Green and Paxton about a 96% chance of beating Cornyn as of Monday, while rival platform Polymarket showed similar odds.

The races could influence the makeup of Congress heading into 2027, with crypto industry groups seeking to preserve Republican support for legislation including the stablecoin-focused GENIUS Act.

At least one advertisement funded by Protect Progress reportedly focused on Green’s opposition to Donald Trump rather than digital asset policy, highlighting how crypto-funded political campaigns are increasingly blending broader partisan messaging with industry priorities