Crypto-aligned political action committees flexed their financial muscle in this week’s Texas primary runoffs, helping six candidates win congressional races and spending more than $10 million combined. The most striking result came in Texas’ 18th congressional district, where Democrat Christian Menefee defeated 20-year incumbent Rep. Al Green—a vocal critic of the industry who had voted against crypto legislation and co-sponsored a bill to ban presidential crypto dealings. Fairshake PAC spent roughly $6.5 million on ads supporting Menefee and claimed a defining moment. “Rep. Green’s defeat proves that anti-crypto hostility carries real electoral consequences,” said Fairshake spokesperson Geoff Vetter, noting Green was the first Democratic incumbent this cycle to lose his seat.
On the Republican side, candidates Tom Sell, Alex Mealer, Jon Bonck, and Carlos De La Cruz all won their runoffs with backing from Fairshake’s affiliate, Defend American Jobs, at a combined cost of about $1.8 million. A newer political vehicle, the Fellowship PAC—linked to Tether and Cantor Fitzgerald—poured $500,000 into Texas Attorney General Ken Paxton’s upset victory over Sen. John Cornyn in the GOP Senate primary runoff. Almost all of Fellowship’s chosen candidates carried Trump endorsements, raising questions about the industry’s bipartisan strategy.
Fairshake, which still held over $193 million as of January, relies on donors like Coinbase, Ripple, and Andreessen Horowitz. Smaller contributions came from the Blockchain Leadership Fund (Anchorage Digital, Chainlink). Total crypto-aligned spending across the six races surpassed $10 million. The wins signal growing political influence, yet a Kalshi prediction market gives Democrats a 77% chance to recapture the House majority in November—potentially sidelining many crypto-friendly Republicans. The industry now shifts focus to Maryland’s June Democratic primary (where Fairshake has spent $2.12 million for Adrian Boafo) and California’s top-two primary next week, where anti-crypto Rep. Brad Sherman faces Jake Levine.
