Candidates backed by cryptocurrency-focused political action committees achieved significant victories in Texas primary runoff elections, signaling the growing influence of digital asset advocacy in state politics. The results, released on Tuesday, saw Texas Attorney General Ken Paxton defeat four-term Senator John Cornyn in the Republican Senate primary. Paxton will now face Democratic state Representative James Talarico in the November general election. In Houston’s 18th Congressional District, Democrat Christian Menefee ousted longtime Representative Al Green after redistricting placed both incumbents in the same district, removing a senior Democratic voice from the race.
Federal Election Commission filings reveal that Protect Progress, an affiliate of the crypto-backed Fairshake PAC, spent roughly $5 million supporting Menefee and another $2.8 million on advertisements opposing Green. Fairshake, which receives funding from crypto firms such as Ripple and Coinbase, reported holding approximately $193 million in cash ahead of the 2026 election cycle. Meanwhile, Fellowship PAC, backed by Cantor Fitzgerald and Anchorage Digital, channeled nearly $500,000 into supporting Paxton’s campaign.
Prediction markets heavily favored the crypto-aligned contenders. Kalshi gave Menefee a 91% chance of winning, while Polymarket posted comparable odds. Betting on the Paxton-Cornell race exceeded $16 million. Green had become a prime target for crypto advocates after opposing key industry bills, including the GENIUS Act and the Clarity Act. Advocacy group Stand With Crypto assigned Green an F grade, while Menefee received a favorable rating. During a House floor speech, Green accused Menefee of being bought by crypto money and criticized Fairshake’s involvement. However, the Blockchain Leadership Fund, supported by Anchorage Digital and Chainlink Labs, endorsed Menefee.
These victories come as Congress continues to debate legislation for digital asset markets and stablecoin issuers, including the Clarity Act and the GENIUS Act. Bitcoin policy advocate Dennis Porter remarked that Menefee’s win demonstrates a pro-crypto Democrat defeating a long-serving anti-crypto incumbent. For crypto-backed PACs, the Texas races provided a crucial opportunity to support candidates from both parties while lawmakers determine the regulatory future for digital assets.