Candidates supported by crypto-industry-funded political groups won in the decisive round of the Texas primary on Tuesday. This highlights the growing influence of the crypto industry in elections as the US Congress discusses new rules for the digital asset market, reports Cointelegraph.com. reports .
Specifically, in the race for the US Senate, Republican Ken Paxton won by a large margin over incumbent John Cornyn. In the Houston district, Democrat Christian Menefee defeated his party colleague Al Green, unseating one of the state's most experienced representatives. The Stand With Crypto organization had given Al Green an "F" rating due to his anti-cryptocurrency stance.
These election campaigns were marked by significant spending from crypto-focused political action committees (PACs). Protect Progress, a subsidiary of the Fairshake super PAC supported by companies like Ripple and Coinbase, announced it spent nearly 7.8 million USD to support Menefee's candidacy and run ads against his opponent.
Another group, Fellowship PAC, funded by Cantor Fitzgerald and Anchorage Digital, directed approximately 500,000 USD to secure Ken Paxton's victory. Additionally, the pro-Republican Defend American Jobs group recorded victories for four of its candidates.
Commenting on Menefee's victory, Bitcoin policy expert Dennis Porter called the defeat of a 20-year crypto-opponent by a pro-crypto Democrat a positive change for the industry. These victories signify the emergence of new allies for the industry as Congress reviews legislation on digital asset structure and stablecoins.
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