Crypto PAC funds play a decisive role in Texas elections
Two congressional candidates in Texas, backed by millions of dollars from cryptocurrency-related interest groups, have advanced to this week's runoff for the U.S. Senate and House of Representatives. On Tuesday, Democratic voters in Texas' 18th District will choose between incumbent Al Green and challenger Christian Menefee. Statewide, Republicans will decide between Texas Attorney General Ken Paxton and incumbent Senator John Cornyn. This is reported by Cointelegraph.com reports .
The crypto industry is gaining influence in these races by spending heavily on media advertising through political action committees (PACs). This could impact the composition of Congress and economic policy through 2027. The Protect Progress group, linked to the Ripple and Coinbase-backed Fairshake PAC, announced it has spent $5 million to support Menefee's candidacy.
Additionally, the Fellowship PAC, funded by Wall Street firm Cantor Fitzgerald and Anchorage, spent $500,000 to support Ken Paxton against John Cornyn. This expenditure occurred 24 hours after Donald Trump announced his endorsement of Paxton. In his statement, Trump noted that Cornyn was too late in supporting his presidential candidacy.
Prediction markets are also actively participating in these races. Users on the Kalshi platform estimate Menefee's chances of defeating Green at 91%, and Paxton's victory over Cornyn at 96%. The total volume of bets placed on these races has exceeded $16 million. Competing platforms like Polymarket are recording similar figures for Tuesday's primary.
If Republicans secure a majority, lawmakers are expected to pass key crypto-backed legislation, including the GENIUS Act on stablecoins. The election results could be a turning point not only for Texas but for the entire U.S. economy and cryptocurrency market regulation.
