Crypto PACs Spent $10M on Texas Primaries, Back Winners

Crypto-backed political action committees reported spending more than $10 million on media supporting six candidates who won primary contests in Texas and said they will continue to back pro-crypto candidates in future races. The wins occurred on Tuesday and included contests for both U.S. House and Senate seats.

Federal Election Commission filings show the beneficiaries included Democrat Christian Menefee, who defeated incumbent Rep. Al Green in Texas’ 18th congressional district primary, and Republican state Attorney General Ken Paxton, who prevailed over incumbent Sen. John Cornyn with more than 63% of the vote. Four other Republican candidates — Tom Sell, Alex Mealer, Jon Bonck and Carlos De La Cruz — won in smaller districts after receiving thousands of dollars in media buys from Defend American Jobs PAC.

FEC records list Fairshake, Defend American Jobs, Protect Progress, Blockchain Leadership Fund and Fellowship PAC as the groups that together spent more than $10 million on supportive ads and media for the six Texas contenders. Fairshake reported having more than $193 million available as of January and indicated it plans to deploy funds to support pro-crypto candidates in the 2026 midterm cycle. Geoff Vetter, a Fairshake spokesperson, described Rep. Green’s defeat as evidence that anti-crypto positions carry electoral consequences and called Fairshake the difference-maker in the race, adding the group will continue to back leaders like Menefee.

The PACs are preparing for a string of primaries on June 2 in California, Iowa, Montana, New Jersey, New Mexico and South Dakota that include House and Senate contests and several gubernatorial races. Protect Progress reported roughly $500,000 in spending to support Democratic candidates across those states, with FEC filings showing allocations such as $55,000 for Mike McGuire in California’s 1st district, $54,000 for Lou Correa in the 46th, $53,000 for Ted Lieu in the 36th, $56,000 for Lateefah Simon in the 12th, $55,000 for Zoe Lofgren in the 18th, $54,000 for Dave Min in the 57th and $163,000 for Rob Menendez in New Jersey’s 8th district.

California’s open primary for governor is drawing attention after the resignation of a candidate widened the field. Fairshake spent about $10 million on ads targeting Katie Porter during her 2024 U.S. Senate bid; Porter lost that primary and is now a candidate in the California governor’s race. As of the latest FEC filings, there were no records showing crypto-aligned PAC spending specifically opposing Porter or other gubernatorial hopefuls. A crypto entrepreneur has indicated plans to donate to both Porter and a Republican candidate in the race.

Political action committees allow companies, industry groups and individuals to pool funds to support candidates and causes. The recent activity by crypto-aligned PACs shows the industry is using financial support, media buys and endorsements to influence primary outcomes and to support lawmakers who favor crypto-friendly regulation. The PACs have stated they plan to continue similar spending into the next federal election cycle to expand legislative backing for crypto-related policy.