SpaceX officially confirmed plans to go public on Wednesday, setting the stage for what could become the largest initial public offering in history and potentially push CEO Elon Musk toward becoming the world’s first trillionaire.

The rocket and satellite internet company filed its S-1 registration statement with the U.S. Securities and Exchange Commission, giving investors their first detailed look inside one of the world’s most valuable private firms ahead of a planned IPO expected next month.

SpaceX currently holds 18,712 bitcoin BTC$77,336.25 on its balance sheet, as of March 31, at a fair value of $1.29 billion, according to the filing. The company’s bitcoin holdings were valued at $1.64 billion as of Dec. 31, 2025.

“As of March 31, 2026 and December 31, 2025, the Company also held 18,712 units of Bitcoin with a cost basis of $661 million and fair value of $1,293 million and $1,637 million, respectively,” the filing said.

At the current spot price of $77,526, the holdings would be valued at about $1.45 billion.

The holding places the company among a small group of major corporations with significant bitcoin holdings. Musk’s other company, Tesla, holds 11,509 bitcoin in its balance sheet, according to BitcoinTreasuries data. Michael Saylor’s Strategy currently holds the largest with 843,738 bitcoin.

SpaceX is reportedly seeking a valuation of more than $1.5 trillion, with reports of a potential $2 trillion. If successful, the company would immediately rank among the 10 most valuable publicly traded companies in the world, alongside Apple, Microsoft and Nvidia.

If it hits the upper end of the valuation, the listing could also surpass Saudi Aramco’s 2020 debut as the largest IPO ever. The Saudi oil giant raised $29.4 billion from investors in its public offering, valuing it at about $1.7 trillion.

Investor interest is expected to be strong because of SpaceX’s dominant position in both commercial rockets and satellite-based internet through its Starlink business. The company has built a major lead over competitors with reusable launch systems and a rapidly expanding global satellite network.

The S-1 filing offers a rare look at SpaceX’s finances, including revenue growth, capital spending, legal risks and ownership structure. Investors had closely watched the filing for clues about how much voting power Musk would retain after the company became public. The firm had 2025 revenue of $18.7 billion, up from $14 billion in 2024, the filing shows.

Musk already controls Tesla, xAI and social media platform X, making SpaceX one of the most anticipated technology listings in years. For SpaceX, Musk will be its CEO, Chief Technical Officer and Chairman of the board.

The IPO would also mark another milestone in bitcoin adoption in corporate finance, as large technology companies continue to add digital assets to their balance sheets.

Hester Peirce, a two-term commissioner at the US Securities and Exchange Commission (SEC), head of the agency’s crypto task force and known to many as “Crypto Mom,” will join the Regent University School of Law as faculty.

In a Tuesday notice from Regent University, the law school said that Peirce would join as an associate professor starting in November. Her term at the SEC officially expired in June 2025, but commissioners “may continue to serve up to approximately 18 months after terms expire if they are not replaced before then,” according to the agency.

She joined the SEC in January 2018, after her nomination by President Donald Trump and Senate confirmation in December 2017. She was confirmed for her second term in 2020. She was initially nominated by President Barack Obama for a Republican seat on the SEC in 2015, but the US Senate did not act on her nomination.

Peirce is expected to help the law school bolster its academic focus in several areas, including federal litigation, securities regulation and digital assets, according to the university.

Source: Hester Peirce

Peirce’s seat may not be filled immediately. Caroline Crenshaw, the agency’s previous Democratic commissioner, departed in January, 18 months after her term ended and no nominations to fill that seat have been made by President Trump. Peirce’s departure will leave only two Republican commissioners at the SEC: Mark Uyeda and Chair Paul Atkins.  

Related: SEC rescinds defendant ‘gag rule’ when settling enforcement actions

Since Trump took office in January 2025, the SEC has radically changed its approach to crypto regulation and enforcement. The agency dropped several enforcement actions and investigations into crypto companies, including those tied to Trump and his family.

CFTC also faces raft of vacancies

Together, the SEC and Commodity Futures Trading Commission (CFTC) are the two most prominent federal financial regulators overseeing aspects of the crypto industry. Under Atkins and CFTC Chair Michael Selig, both Trump picks, the agencies said that they would coordinate on approaches to end what they called “regulatory turf wars.”

Source: Paul Atkins

However, with a digital asset market structure bill moving through Congress, many lawmakers are calling on Trump to nominate a bipartisan group of commissioners to fully staff the agencies.

Selig remains the sole CFTC commissioner and chair in a panel intended to be made up of five people, and with the impending departure of Peirce, the SEC will be down to two out of five commissioners. Trump had not announced any nominations to either agency as of Wednesday.

The market structure bill, the CLARITY Act, is expected to shift many of the responsibilities and authority regulating crypto markets from the SEC to CFTC.

Magazine: 5 tech predictions the mainstream media got horribly wrong

AI search startup Exa Labs has raised $250 million in a new funding round led by Bloomberg, pushing its post-money valuation to $2.2 billion.

Exa Labs has secured $250 million in fresh financing led by Andreessen Horowitz, according to Bloomberg, in a deal that values the AI search startup at $2.2 billion. The round marks a sharp jump from the roughly $700 million valuation the company carried last fall, as reported by the same outlet.

The company is building search infrastructure for AI systems rather than traditional users, a business model that has gained traction as developers race to improve how large language models retrieve and process live web information. In Exa’s own words from its earlier funding announcement, the startup is building “the search engine for AIs,” framing its product as foundational infrastructure for the next wave of software.

The financing shows how quickly capital is concentrating around companies trying to reshape how information is found and served in the AI era. It also adds to a broader surge in venture investment around AI infrastructure, even as legacy search remains dominated by Google.

Valuation triples in months

The jump to a $2.2 billion valuation comes less than a year after Exa announced an earlier raise. In a September 2025 company post, Exa said it had raised $85 million to accelerate development of its AI-focused search platform, a round that valued the business at about $700 million.

That means Exa’s valuation has increased by more than three times in roughly eight months. The speed of that repricing suggests investors are no longer treating AI search as an experimental niche, but as a core layer of the emerging AI stack.

Andreessen Horowitz’s involvement is also consistent with its broader push into frontier technology. In a separate Bloomberg report from January, the venture firm was said to have raised $15 billion in its largest-ever fundraising effort, underscoring the scale of capital it now has available for AI bets.

Search beyond Google

Exa’s pitch is not that it will out-Google Google on consumer search, but that AI models need a different kind of search engine altogether. In its Series B announcement, the company argued that the world is “ready for a new type of search,” one designed for agents and models that need precise, structured, real-time retrieval.

That thesis is gaining momentum as AI applications become more dependent on current web data. In a previous crypto.news story, venture flows into emerging tech startups showed how quickly investor attention can rotate toward infrastructure plays when markets believe a platform shift is underway.

The Exa round also lands as the boundary between crypto, AI and data infrastructure keeps thinning.

Key points:

• Bitcoin is at a critical juncture, as a close below $76,000 may deepen the pullback toward $70,000.
• HYPE and ZEC are in an up move, but most other major altcoins are struggling to find support. 

Bitcoin (BTC) has risen above $77,500, but the recovery is expected to face resistance in the $78,500-$82,000 range. The net outflows of $979.7 million from spot BTC exchange-traded funds this week, according to Fireside Investors data, suggest that investors have turned cautious in the near term.

Crypto analyst Ardi said in a post on X that the next retest of the $74,000 to $75,000 zone may be the most important test of this entire bear market. The zone is important because it acted as stiff resistance in 2024 and then flipped into support during the retest in 2025. A break below the support zone may “expose the market to a much deeper rotation back toward the bear market lows.”

Crypto market data daily view. Source: TradingView

Although BTC appears weak in the near term, analysts do not anticipate a sharp decline. CryptoQuant analyst Sunny Mom said in a recent QuickTake analysis that if BTC holds the $70,700 level, it is likely to consolidate in the $70,000 to $82,000 range “to burn time and digest the supply.”

Could BTC and the major altcoins start a strong recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC is attempting a bounce off the breakout level at $76,000, indicating that the bulls are striving to turn it into support.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

Sellers are unlikely to give up easily and may vigorously defend the 20-day exponential moving average ($78,484). If the BTC price turns down sharply from the 20-day EMA, it increases the risk of a break below $76,000. If that happens, the BTC/USDT pair may plunge to the support line.

Contrarily, a close above the 20-day EMA signals demand at lower levels. The bulls will then endeavor to push the pair to the overhead resistance at $84,000. This is a critical level for the bears to defend, as a close above it clears the path for a rally toward $97,924.

Ether price prediction

Ether (ETH) fell below the support line of the ascending channel pattern on Sunday, but the bears have not been able to capitalize on the breakdown.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are striving to push the ETH price back into the channel. If they succeed, the next hurdle is likely to be at the moving averages. If the price turns sharply down relative to the moving averages, the risk of a drop to $1,916 increases.

Alternatively, a close above the moving averages suggests that the market has rejected the break below the support line. The ETH/USDT pair may then rally to $2,465, then to the resistance line.

BNB price prediction

BNB (BNB) is attempting to find support at the 50-day SMA ($629), indicating a lack of aggressive selling at lower levels.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

If the price closes above the 20-day EMA ($648), the bulls will again strive to push the BNB/USDT pair to the $687 resistance. Sellers are expected to aggressively defend the level, as a close above it may push the BNB price to $730 and, after that, to $790. That indicates the pair may have bottomed out in the short term.

Instead, if the price turns down and breaks below the 50-day SMA, it suggests the pair may remain within the $570 to $687 range for some time. 

XRP price prediction

XRP (XRP) closed below the 50-day SMA ($1.39) on Monday, but a minor positive is that the bulls have not let the price dip to $1.27.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to achieve a close above the downtrend line to signal a comeback. The XRP/USDT pair may then move higher toward the $1.61 level, where bears are expected to step in. A close above the $1.61 resistance signals a potential trend change. The XRP price may then rally to $2 and later to $2.40.

On the contrary, if the price continues lower and or turns down from the downtrend line, it suggests that the bears remain in control. That increases the risk of a break below the $1.27 support. If that happens, the pair may plummet to $1.11.

Solana price prediction

Solana (SOL) has held above the $82.65 support over the past few days, but bulls are struggling to trigger a strong rebound.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($87.93) has begun to turn lower, and the RSI is in negative territory, indicating a slight advantage for bears. If the SOL price turns sharply down from the 20-day EMA, the likelihood of a break below $82.65 increases. The SOL/USDT pair may then descend to the $76 support.

Buyers are likely to have other plans. They will attempt to push the price above the 20-day EMA and the $91 resistance. If they do that, the pair may reach the $98 level. 

Dogecoin price prediction

Dogecoin (DOGE) has been stuck in the $0.09-$0.12 range, suggesting buying on dips and selling on rallies.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are attempting to start a bounce off the 50-day SMA ($0.10), but are expected to hit a hurdle at the 20-day EMA ($0.11). If the DOGE price turns down sharply from the 20-day EMA, the likelihood of a drop to $0.09 increases.

On the other hand, a close above the 20-day EMA suggests that the DOGE/USDT pair may climb to the $0.12 resistance. Buyers will have to push and maintain the price above $0.12 to signal the start of a new uptrend to $0.14, and subsequently to $0.16.

Hyperliquid price prediction

Hyperliquid (HYPE) closed above the $45.77 resistance on Monday, signaling the resumption of the uptrend.

HYPE/USDT daily chart. Source: Cointelegraph/TradingView

There is resistance at $51.43, but if the bulls pierce the level, the HYPE price may surge toward $59.41. Sellers are expected to fiercely defend the $59.41 level, as a break above it could push the HYPE/USDT pair into uncharted territory.

The first support on the downside is the breakout level of $45.77 and then the 20-day EMA ($44.11). Sellers will have to pull the price below the 20-day EMA to suggest that the bulls are losing their grip. The pair may then tumble to the 50-day SMA ($41.62).

Related: Ethereum traders warn of a ‘nasty’ ETH price drop if $2K support breaks

Cardano price prediction

Cardano (ADA) has been clinging to the 50-day SMA ($0.25), indicating that the bulls are attempting to reclaim the level.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

Any recovery is expected to face selling at the 20-day EMA ($0.26). If the price turns sharply down from the 20-day EMA, the bears will attempt to drive the ADA/USDT pair toward the solid support at $0.22.

On the upside, a break and close above the 20-day EMA signals strength. The ADA price may rise toward $0.29, then to $0.31, where bears are likely to mount a strong defense. 

Zcash price prediction

Zcash (ZEC) bounced off the 20-day EMA ($519) on Sunday, indicating that the bulls continue to buy the dips.

ZEC/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will need to drive the ZEC price above $643 to initiate the next leg of the uptrend. The ZEC/USDT pair may then skyrocket toward $750, where the bears are expected to mount a strong defense.

The first support to watch out for on the downside is the 20-day EMA. A break and close below the 20-day EMA suggests that the traders are booking profits. That may pull the pair to the 61.8% Fibonacci retracement level of $442.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) closed below the $419 support on Saturday, signaling the resumption of the downtrend.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

The selling picked up momentum, and the BCH/USDT pair fell below the $375 support on Monday. Buyers are attempting to push the price back above $375, but the bears have held their ground. If the BCH price turns down from $375 and breaks below $348, the pair may plummet to $300.

Buyers have an uphill task ahead of them. They will have to push the price above the 20-day EMA ($421) and maintain it to signal a comeback.

Network News

ETHEREUM COMMUNITY RESPONDS TO EF DEPARTURES: A wave of departures from the Ethereum Foundation (EF) is reigniting a debate inside the crypto industry: What is going on at the main steward behind Ethereum, and why does the community know so little about what is happening behind the scenes? Days after several high-profile figures said they had left the foundation during an internal shakeup, community members on X began openly questioning the organization’s direction, leadership structure and communication practices. “What’s happening at the EF?” crypto commentator Andy, the co-founder of the Rollup podcast, wrote in a post on X. Others echoed similar frustrations, arguing the EF has failed to clearly explain the rationale behind the changes or how responsibilities inside the organization are evolving. “Why can’t the EF just be transparent about things,” wrote Joon Ian Wong, a prominent figure in the crypto community events space. The criticism reflects a longstanding tension surrounding the Ethereum Foundation, the Switzerland-based nonprofit that plays a central role in funding research, coordinating upgrades and stewarding development of the world’s second-largest blockchain by market capitalization. Unlike traditional corporations, the EF has historically operated with a loose and decentralized structure. Some have argued that the model preserves Ethereum’s neutrality and prevents excessive concentration of power. Others say the approach has increasingly clashed with the expectations of an ecosystem now underpinning hundreds of billions of dollars in assets and decentralized financial activity. The latest departures appear to have reopened that debate. — Margaux Nijkerk Read more.

CITI SAYS BITCOIN PARTICULARLY EXPOSED TO QUANTUM THREATS: Quantum computing is emerging as a growing risk for digital assets, with Wall Street bank Citi (C) warning that recent breakthroughs are accelerating the timeline for potential threats to crypto security and internet infrastructure. In a report, the bank said advances in quantum computing are challenging the cryptographic systems underpinning cryptocurrencies, financial networks and online communications. “While large-scale quantum attacks remain a medium-term concern, the pace of progress has shortened the horizon and warrants closer attention from investors,” wrote analyst Alex Saunders. Quantum computing is a long-term threat to crypto because a sufficiently powerful quantum computer could break the cryptographic systems that protect wallets, exchanges and blockchains, especially public-key cryptography like ECDSA used by Bitcoin and Ethereum. In theory, a quantum attacker could derive private keys from exposed public keys, forge transactions, and steal funds. Still, the risk is not immediate. Experts say the hardware needed to do this at scale is still years away, and blockchains will probably migrate to post-quantum cryptography before then. The analyst highlighted Bitcoin as particularly exposed because of its conservative governance model and slower ability to implement protocol upgrades. Saunders pointed to vulnerabilities tied to public keys exposed onchain, dormant wallets and early pay-to-public-key (P2PK) addresses, including wallets believed to belong to Bitcoin creator Satoshi Nakamoto. Latest estimates put around 6.5 million–6.9 million bitcoin at quantum risk due to already-exposed public keys. This is about one-third of circulating supply, or roughly $450 billion worth, depending on the BTC price. — Will Canny Read more.

JUMP CRYPTO’S FIREDANCER CLIENT: Jump Crypto’s long-awaited Firedancer validator client is now producing blocks on Solana mainnet, marking a turning point in the project’s yearslong push to overhaul the blockchain’s performance infrastructure. “Firedancer is live and running in production,” Firedancer founding engineer Ritchie Patel told CoinDesk in an interview. “We have packed tens of millions of transactions over the last few months.” The rollout, however, is intentionally restrained. Patel said the team preferred to roll out progressively across the network rather than through a broad public launch, as the team remains cautious about rapidly increasing adoption. “We don’t want everybody to run it yet,” Patel said. “If half the network upgrades before we’ve done full security audits, that would be a bit much.” Firedancer, developed by Jump Crypto, is a validator client for Solana, or another version of the software that runs the blockchain. The effort emerged partly in response to concerns around Solana’s earlier outages and its reliance on a single dominant client maintained by Solana infrastructure firm Anza. Rather than framing Firedancer as a competitor to Anza, Patel described the relationship as collaborative. — Margaux Nijkerk Read more.

BUTERIN ON AI FORMAL VERIFICATION AND CRYPTO: Vitalik Buterin says artificial intelligence could make cryptocurrency systems and critical internet infrastructure more secure if developers combine AI-generated code with mathematically verified software. The Ethereum co-founder argued that AI-assisted “formal verification” could become one of the most important tools for cybersecurity as increasingly advanced AI systems make it easier to discover software vulnerabilities, in a lengthy blog post shared. Formal verification refers to the use of machine-checkable mathematical proofs to confirm that software behaves exactly as intended. While the technique has existed for decades, Buterin said recent advances in AI are making it more practical by helping developers write both code and the proofs needed to verify it. Buterin framed the technology as a response to growing fears that AI could overwhelm defenders by accelerating bug discovery and cyberattacks. Smart contract exploits remain a persistent issue across crypto, with attackers frequently draining millions of dollars from vulnerable decentralized finance protocols. Mathematically verified software could help reverse that trend, especially in areas where security failures would be catastrophic, Buterin argued. He specifically pointed to Ethereum infrastructure, zero-knowledge proof systems, consensus mechanisms and post-quantum cryptography as technologies that could benefit from formal verification. — Margaux Nijkerk Read More.

In Other News

• Qivalis, a group of European banks building a regulated euro stablecoin, said Wednesday that 25 more lenders joined the initiative, more than tripling its membership as banks across the region deepen their push into blockchain finance. The expansion brings the consortium to 37 financial institutions spanning 15 European countries. New members include ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, Erste Group and National Bank of Greece. The expansion comes as tokenization gains traction among large financial institutions and asset managers, with stablecoins — crypto tokens whose value is pegged to a traditional asset such as a fiat currency — playing a key role in settlement and asset trades on blockchain rails. The effort also reflects a broader push by European banks to expand the use of euro-denominated stablecoins and reduce dominance of U.S. dollar-backed tokens, which currently account for about 99% of the global stablecoin market. The total stablecoin market capitalization is about $318 billion, dominated by Tether’s USDT and Circle Internet’s (CRCL) USDC. Together they account for more than 80% of the total. By building a regulated euro-based alternative, Qivalis aims to strengthen the single currency’s role in digital payments and tokenized finance as blockchain settlement gains traction among institutions. “This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy,” said Howard Davies, chairman of Qivalis’ supervisory board. — Kristzian Sandor Read more.
• Galaxy Digital said New York regulators granted the company a BitLicense and money transmitter license, allowing the crypto financial services firm to expand institutional digital asset operations in one of the industry’s most tightly regulated markets. The approval from the New York State Department of Financial Services authorizes GalaxyOne Prime NY, the company’s New York entity, to offer regulated crypto trading and custody services across the state. Galaxy said in a press release that the move gives New York-based institutions — including hedge funds, registered investment advisers and family offices — access to its digital asset platform, which the company said manages roughly $9 billion in client assets. “New York is home to the deepest pool of institutional capital in the country, and digital assets are no longer sitting at the edge of those allocations,” said Mike Novogratz, Galaxy’s founder and CEO, in a statement. — Helene Braun Read more.

Regulatory and Policy

• U.S. President Donald Trump ordered the federal government to update its regulatory frameworks to integrate “digital assets and innovative technology into traditional financial services and payment systems” in an executive order. According to the document, the U.S. should foster financial technology services into its existing payment and financial services rails. “It is therefore the policy of the United States to streamline regulatory processes, reduce unnecessary barriers to entry, and encourage collaboration between fintech firms, federally regulated financial institutions, and Federal financial regulators,” the order said. The order directed the heads of financial regulators to review their existing rules over the next three months and identify any rules or documents “that unduly impede fintech firms from entering into partnerships with federally regulated institutions.” Within six months, Trump directed regulators to “take steps to encourage innovation as a result of the review.” These steps include asking the Federal Reserve Board of Governors to review how it allows uninsured depository institutions and non-bank financial firms access to payment accounts and services. — Nikhilesh De Read more.
• U.S. Senator Elizabeth Warren is demanding the agency that regulates national banks explain its chartering of nine crypto-focused institutions, which, she argued, didn’t meet federal regulations and posed a risk to the financial system. The U.S. Office of the Comptroller of the Currency has granted trust charters to a series of banks as the agency embraced President Donald Trump’s agenda to elevate the crypto sector and establish a friendly regulatory environment. Now Warren, the ranking Democrat on the Senate Banking Committee, sent a letter to OCC chief Jonathan Gould, calling for an explanation of approvals for trusts belonging to companies including Coinbase, Paxos, Ripple, BitGo and Fidelity Digital Asset Services. “These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” Warren, who has criticized Gould’s decision previously in hearings, wrote in the letter. “Your decision to facilitate this regulatory arbitrage not only conflicts with federal law, it also poses serious risks to consumers, the safety and soundness of the banking system, and the separation of banking and commerce.” — Jesse Hamilton Read more.

Calendar

• June 2-3, 2026: Proof of Talk, Paris
• June 4, 2026: Stable Summit, New York
• June 8-10, 2026: ETHConf, New York
• Sept. 16-17, 2026: Avalanche Summit, New York
• Sept. 29-Oct.1, 2026: Korea Blockchain Week, Seoul
• Oct. 7-8, 2026: Token2049, Singapore
• Nov. 3-6, 2026: Devcon, Mumbai
• Nov. 15-17, 2026: Solana Breakpoint, London

Crypto industry-backed political action committees are embedding themselves more deeply in U.S. state contests, signaling a continued push to influence policy and the political landscape ahead of the 2026 midterms. In a string of Tuesday primaries, the Fairshake PAC and its affiliates rolled out a coordinated media and outreach effort backed by the kind of industry money long cited by proponents as essential to advancing crypto-friendly legislation.

The Fairshake operation, largely funded by Ripple Labs and Coinbase, poured a combined $20 million into supportive media across the Georgia, Kentucky, and Alabama races. The committees operate through vehicles such as Defend American Jobs, which backs Republican candidates, and Protect Progress, aimed at Democratic contenders deemed to be pro-crypto. The result, according to participants and public filings, was a notable showing for candidates aligned with crypto-friendly positions even as races remained tightly contested in several districts.

Fairshake spokesperson Geoff Vetter framed Tuesday’s outcomes as a bipartisan signal, telling Cointelegraph that “Fairshake’s 6-0 sweep tonight was a clear victory for pro-crypto leaders across the country,” adding that the momentum translates into a broader nationwide mandate “from Georgia to Alabama to Kentucky.”

Key takeaways

• Massive media spend backing crypto-friendly candidates. Fairshake and affiliates reported about $20 million in media support to shape outcomes in Georgia, Kentucky, and Alabama races, with major contributions from Ripple and Coinbase.
• Georgia and Kentucky see targeted spending on specific races. In Georgia, Protect Progress spent over $4.2 million to back Jasmine Clark in the 13th District; Defend American Jobs backed multiple GOP contenders, including $7.2 million for Kentucky’s U.S. Senate race and hundreds of thousands for several Georgia districts.
• Alabama’s Senate contest moves to a runoff; crypto-aligned money remains in play. Barry Moore secured support totaling about $7.4 million from Defend American Jobs, with the primary producing a runoff against Steve Marshall and Jared Hudson.
• Texas becomes a litmus test for crypto-influenced campaigns in a swing district. Protect Progress spent over $4.1 million to back Christian Menefee in Texas’ 18th District and more than $2.8 million opposing Al Green, who has opposed crypto-friendly legislation; a runoff has been triggered.
• Funding scale and historical context matter for policy risk. Crypto PACs have built a substantial war chest—Protect Progress once projected a multi-year spend plan and a larger war chest than in 2024—but past campaigns show money alone doesn’t always sway outcomes, as illustrated by Illinois’ 2024 experience where anti-crypto messaging did not prevent an incumbent’s victory.

Crypto money, candidates and the policy horizon

Tuesday’s results reflect a sustained strategy: deploy substantial media buys and targeted messaging to tilt local races in favor of candidates perceived as friendlier to crypto interests. The FEC filings cited by Cointelegraph show Protect Progress’ substantial expenditures in Georgia’s 13th District, where Jasmine Clark was the beneficiary of more than $4.2 million in campaign media support. In the same state, Defend American Jobs earmarked hundreds of thousands of dollars for other GOP candidates who are generally viewed as supportive of cryptocurrency industry positions.

In Kentucky, a push to bolster incumbents perceived as crypto-friendly translated into a sizeable corporate-financed effort for the U.S. Senate race, with about $7.2 million directed toward that contest. Alabama’s primary race for the U.S. Senate also emerged as a focal point of crypto-funded campaigning, with Barry Moore receiving about $7.4 million in backing from Defend American Jobs, setting the stage for a runoff against rival contenders when no candidate achieved a majority.

These dynamics matter for investors and builders who watch the policy environment closely. While this wave of spending demonstrates the industry’s willingness to align resources with electoral outcomes, it also underscores a broader challenge: the effectiveness of PAC-driven media campaigns in translating dollars into durable political influence remains uneven. Past episodes, including Fairshake’s experience in Illinois, where a sizeable outlay failed to derail an incumbent, illustrate that money can shape discourse and visibility, but not always final votes.

Texas test: Menefee vs. Green as a crypto-litmus district

The Texas 18th District race provided another important test case for crypto-aligned political activity. Protect Progress’ filings show more than $4.1 million spent to back Democrat Christian Menefee, who faces incumbent Al Green in a district with a history of moderate to liberal leanings. In parallel, the PAC reported more than $2.8 million spent to oppose Green, highlighting a bifurcated approach: build support for a crypto-friendly voice while actively challenging a candidate whose record includes opposition to certain crypto policies.

Green’s voting history on payment tokens and digital asset legislation has been cited by crypto advocates as a cautionary tale about anti-crypto sentiment in Congress. The campaign spotlight on the GENIUS Act and the CLARITY Act underscores the ongoing legislative battle over how digital assets are regulated, taxed, and integrated into the broader financial system. Tuesday’s fundraising and messaging dynamics will feed into how crypto advocates calibrate their strategy in Texas and beyond as other districts prepare for subsequent primaries and runoff elections.

Protect Progress’ plan, as outlined in prior coverage, is to press pro-crypto candidates while opposing anti-crypto lawmakers in the run-up to 2026. The group’s growing financial firepower—reflected in a war chest Reuters and industry observers have described as substantial—suggests that crypto firms intend to maintain a steady political cadence, even as electoral outcomes prove uneven across states.

A broader arc: money, influence and policy uncertainty

The breadth of crypto-pac activity in these primaries signals a continuing bet that policy changes could accompany or follow a reshaping of the political landscape in the 2026 cycle. It also raises questions about how much influence well-funded media campaigns can wield in state races where local issues, candidate quality, and party alignment often drive outcomes. For investors, this translates into a clearer sense of where the industry plans to lean on policy advocates—maintaining pressure on lawmakers who favor crypto-friendly rules while seeking to minimize the chances of bills perceived as punitive or restrictive.

Analysts will be watching how the crypto-aligned committees adapt to the next round of primaries and general elections. The pace of spending, the allocation across media, and the willingness to fund both Republican and Democratic candidates point to a strategic approach: partner with a broad spectrum of lawmakers and brands while staying ready to pivot as districts change hands or as regulatory proposals gain or lose steam in statehouses and Congress alike.

As Tuesday’s results settle, readers should monitor the ensuing runoffs and the feedback from candidate platforms on issues such as stablecoins, crypto taxation, and digital-asset market structure. The lessons from this cycle may help shape both campaign tactics and policy debates as the industry weighs its bets for 2026 and beyond.

What remains uncertain is how much these campaigns will influence actual policy outcomes, given the complexity of crypto regulation and the diversity of state legislative priorities. Still, with a broad coalition of donors, industry spokespeople, and media proponents actively shaping the narrative, the sector appears prepared to keep pressing its agenda through the next wave of elections.

A bipartisan group of lawmakers introduced a revised crypto tax bill Wednesday that aims to update the tax code to better address crypto use cases and would, if signed into law, direct the IRS to analyze the effect de minimis exemptions might have.

Congressmen Steven Horsford (D-N.V.), Max Miller (R-Ohio), Suzan DelBene (D-Wash.) and Mike Carey (R-Ohio) reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, otherwise known as the Parity Act, that Horsford and Miller had previously pushed a few times. The new language comes a week after lawmakers reportedly met to discuss crypto tax reform.

The new version of the bill calls for “regulated payment stablecoins” to incur no gain or loss unless the cost basis is less than 99% of the redemption value of the stablecoin, and it also creates a safe harbor for trading through brokers or in taxpayer accounts, defines how so-called “wash sale” rules might apply to digital assets and addresses how digital assets earned by acting as a validator.

The bill also directs the IRS to review what sort of tax burden crypto holders face when it comes to “small digital asset transactions” and how many transactions worth less than $200 are captured under existing law. This review should include the IRS’ needs if there was a de minimis exemption — meaning a carveout for activity that the law should consider too small to be concerned with — for crypto transactions, as well as whether and how such an exemption might be abused.

The crypto industry has long argued that freeing taxpayers of the burden of having to file and report taxes on small transactions would make it easier to use crypto as a payments tool for small items like a cup of coffee.

The bill is meant to just be a first step toward broader crypto tax reform, Horsford said at CoinDesk’s Consensus Miami conference earlier this month.

“I actually think tax is the foundation. Why? Because it’s tax policy that will determine number one, how these digital assets can be used in our finance system. And at a time when our federal tax code is outdated, it does not take into account the modernization of digital assets,” he said.

“For example, none of the current regulatory policy framework tells a consumer, an institution, or a builder what happens to their taxes when they sell a digital asset, earned staking reward, lend crypto on the U.S. platform or make a charitable contribution in bitcoin,” the lawmaker said “Those are tax questions. And they remain entirely unresolved.”