Crypto-Backed PACs Spend Millions in Texas Runoffs

Texas voters will hold runoffs on Tuesday in two contests that have drawn spending from PACs aligned with the cryptocurrency industry. In the 18th Congressional District, Democrats will choose between incumbent Al Green and challenger Christian Menefee. Statewide Republican primary voters will decide between Senator John Cornyn and Attorney General Ken Paxton for the party’s Senate nomination.\n\nProtect Progress, linked to the Fairshake PAC backed by Ripple and Coinbase, reported $5 million to support Menefee and $2.8 million on ads opposing Green. One Protect Progress ad targeted Green’s opposition to former President Donald Trump rather than addressing crypto policy. The Blockchain Leadership Fund, backed by Anchorage Digital and Chainlink Labs, has endorsed Menefee but had not reported any spending as of Monday.\n\nThe Fellowship PAC, which lists backing from Cantor Fitzgerald and Anchorage, reported a $500,000 expenditure supporting Paxton. That filing came about 24 hours after a public endorsement of Paxton by former President Trump. Paxton’s odds on the prediction market Kalshi rose above 90% after the endorsement.\n\nKalshi’s markets showed heavy activity in the Paxton–Cornyn contract, with more than $16 million in total volume. Kalshi put Menefee’s chance at about 91% and Paxton’s at roughly 96% at the most recent check. The rival platform Polymarket tracked similar probabilities.\n\nBill King, a former opinion writer, told local television viewers: “I saw 12 television commercials yesterday paid for by the Protect Progress PAC, and that same group of people are the ones that are primarily funding Trump.”\n\nIndustry-aligned PAC spending follows a period in which a Republican-controlled Congress passed legislation supported by the crypto sector, including the stablecoin GENIUS Act. Supporters of crypto-aligned candidates say friendly lawmakers can advance clearer rules for digital assets.\n\nWinners in Tuesday’s runoffs will advance to the November general election. The results could affect the balance of power in Congress when the next term begins in 2027.