Crypto-aligned candidates gain ground in key Texas elections

Crypto-backed political groups have strengthened their position in Texas after several candidates supported by industry-funded PACs secured victories in key primary runoff races.

According to Texas primary runoff results released Tuesday, Texas Attorney General Ken Paxton defeated four-term Senator John Cornyn in the Republican Senate runoff and will now face Democratic state Representative James Talarico in November’s general election.

In Houston’s 18th Congressional District, Democrat Christian Menefee defeated longtime Representative Al Green after Republican-led redistricting placed both incumbents in the same district. The result removed one of Texas’s senior Democratic lawmakers from the House race.

Federal Election Commission filings showed that Protect Progress, an affiliate of the crypto-backed Fairshake PAC, spent about $5 million supporting Menefee while directing another $2.8 million toward advertisements opposing Green. Fairshake, which receives backing from crypto firms including Ripple and Coinbase, reported holding roughly $193 million in cash ahead of the 2026 election cycle.

At the same time, Fellowship PAC, which receives funding from financial services firm Cantor Fitzgerald and crypto custodian Anchorage Digital, spent nearly $500,000 backing Paxton in the Senate contest.

Crypto PAC spending reshapes Texas congressional races

Prediction markets heavily favored the crypto-supported candidates before election day. Data from Kalshi gave Menefee roughly a 91% probability of victory, while crypto-based platform Polymarket posted similar odds. Betting activity tied to the Paxton-Cornyn race exceeded $16 million, according to market data cited by crypto.news.

Green had become a major target for crypto advocacy groups after opposing several industry-backed bills in Congress. Congressional voting records show he voted against the GENIUS Act stablecoin bill and the Clarity Act, both of which are central to ongoing negotiations over US digital asset regulation.

Crypto advocacy organization ‘Stand With Crypto’ assigned Green an F grade because of his opposition to crypto legislation, while Menefee received a favorable rating from the group for supporting digital asset innovation policies.

During remarks on the House floor, Green accused Menefee of benefiting from crypto industry funding. Green said he remained “unbought” by crypto money and criticized Fairshake’s involvement in the race. His comments came after the Blockchain Leadership Fund, supported by Anchorage Digital and Chainlink Labs, endorsed Menefee’s campaign.

Meanwhile, Fairshake’s Republican affiliate, Defend American Jobs, supported several Republican candidates who also won their runoff races, including Alex Mealer, Jon Bonck, Tom Sell and Carlos De La Cruz.

Congress continues work on crypto legislation

The Texas runoff outcomes arrive as lawmakers in Washington continue debating legislation that would establish rules for digital asset markets and stablecoin issuers.

Crypto.news previously reported that Congress is working through a compressed legislative schedule ahead of the 2026 midterm elections, with lawmakers considering the Clarity Act alongside the GENIUS Act. The publication also reported on proposed Treasury Department anti-money laundering requirements for stablecoin issuers under the GENIUS framework.

Bitcoin policy advocate Dennis Porter commented on Menefee’s victory after the results became clear. Porter described the race as an example of a pro-crypto Democrat defeating a long-serving lawmaker who opposed the industry.

For crypto-backed PACs, the Texas races offered another opportunity to support candidates from both major parties while Congress continues debating how digital asset businesses will operate under future US regulations.