Crypto PACs expand backing for pro-crypto candidates after Texas primary wins

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Crypto PACs back pro-crypto wins

Highlights

Crypto-aligned PACs spent over $10 million supporting six winning pro-crypto candidates in Texas congressional runoff primaries, including Menefee and Paxton.
Fairshake PAC held $193 million in its war chest as of January and signals ongoing support for pro-crypto candidates through the 2026 midterm cycle.
Protect Progress has spent approximately $500,000 across six states' June 2 primaries, targeting Democratic U.S. House candidates, with no reported Fairshake ads against California gubernatorial contenders.

Texas victories strengthen 2026 election push

As reported by Cointelegraph, crypto-aligned political action committees including Fairshake, Defend American Jobs, Protect Progress, Blockchain Leadership Fund and Fellowship PACs are increasing their support for candidates who favor digital asset policies after a string of primary wins in Texas.

On Tuesday, six Republican and Democratic candidates backed by those groups won congressional runoff primaries for U.S. House and Senate seats in the state. Democrat Christian Menefee defeated incumbent Al Green in Texas' 18th congressional district, while Republican Texas Attorney General Ken Paxton defeated incumbent Senator John Cornyn with more than 63% of the vote. Republican candidates Tom Sell, Alex Mealer, Jon Bonck and Carlos De La Cruz also won in smaller districts after benefiting from thousands of dollars in media spending by Defend American Jobs.

U.S. Federal Election Commission records show the crypto-aligned PACs spent more than $10 million combined on supportive media and ads for the six candidates. Fairshake alone reported more than $193 million in its war chest as of January, and after its spending in the 2024 election cycle it says those funds are intended to support pro-crypto candidates in the 2026 midterms.

Fairshake spokesperson Geoff Vetter says Green's loss shows anti-crypto positions can carry electoral costs and calls the Texas result a sign that the PAC will continue to back candidates such as Menefee nationwide.

June primaries test reach beyond Texas

Six states, California, Iowa, Montana, New Jersey, New Mexico and South Dakota, hold primaries on June 2 for U.S. House and Senate contests as well as several gubernatorial races, giving crypto PACs another opportunity to shape competitive ballots.

As of Wednesday, Federal Election Commission records show about $500,000 in spending by Protect Progress to support Democrats across those states, including candidates in multiple California congressional districts and Rob Menendez in New Jersey's 8th district. The California races draw added attention because the state's jungle primary places all candidates on one ballot, with the top two advancing to the general election regardless of party.

California's governor race is also in focus following the recent scandal and resignation of candidate Eric Swalwell, which broadens the field of Democratic and Republican contenders. Katie Porter, who was targeted by about $10 million in Fairshake ads during her unsuccessful 2024 U.S. Senate primary run, is on the ballot again as a gubernatorial candidate.

Vetter said in April that Fairshake does not comment on whether it will enter a specific race. As of Wednesday, no Federal Election Commission filings show crypto PAC spending on ads opposing Porter or other gubernatorial candidates, though Ripple co-founder Chris Larsen told Politico in December he would contribute $39,200 to Porter's campaign and the same amount to Republican Steve Hilton.

Prediction market Polymarket on Wednesday favors Hilton and Xavier Becerra to advance, at 86% and 80% respectively, while Porter is given a 1% chance of reaching one of the two spots in November's general election.

Our earlier coverage of the 2026 Joint Economic Report examined how lawmakers are framing rising federal spending, aging demographics, and long-term debt as key fiscal pressures. We noted that the report’s recommendations focus on entitlement costs, labor-force trends, and policy tradeoffs across healthcare, Medicare, and tax and regulatory approaches—issues likely to stay central as Washington sets priorities ahead of the 2026 cycle.

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