{"id":82972,"date":"2026-05-28T09:45:04","date_gmt":"2026-05-28T02:45:04","guid":{"rendered":"https:\/\/hbbgroup.net\/pacs-laud-texas-primary-wins-look-to-back-more-pro-crypto-candidates\/"},"modified":"2026-05-28T09:45:04","modified_gmt":"2026-05-28T02:45:04","slug":"pacs-laud-texas-primary-wins-look-to-back-more-pro-crypto-candidates","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/pacs-laud-texas-primary-wins-look-to-back-more-pro-crypto-candidates\/","title":{"rendered":"PACs laud Texas primary wins, look to back more pro-crypto candidates"},"content":{"rendered":"
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After six Republican and Democratic candidates supported by cryptocurrency-backed interest groups won primaries for US House of Representatives and Senate seats in Texas, one of the biggest political action committees (PACs) said it would \u201caggressively back leaders\u201d supporting crypto policies in the future.<\/p>\n

On Tuesday, candidates notched six wins for congressional runoff primaries<\/a> in Texas,\u00a0supported by media spending and endorsements by the crypto industry-affiliates Fairshake, Defend American Jobs, Protect Progress, Blockchain Leadership Fund and Fellowship PACs.<\/p>\n

Democrat Christian Menefee primaried incumbent Al Green for Texas\u2019 18th congressional district and Republican state Attorney General Ken Paxton won against incumbent Senator John Cornyn with more than 63% of the vote. Four other Republican candidates \u2014 Tom Sell, Alex Mealer, Jon Bonck and Carlos De La Cruz \u2014 also won in smaller districts after being the beneficiaries of thousands of dollars in media spending by Defend American Jobs.<\/p>\n

<\/figure>\n

Source: <\/em>Follow The Crypto<\/em><\/a><\/p>\n

US Federal Election Commission (FEC) records showed more than $10 million combined was spent on supportive media and ads by the crypto-aligned PACs for the six candidates. The Fairshake PAC alone reported more than $193 million<\/a> in its war chest as of January. Following its spending in the 2024 election cycle, the PAC said it would use the funds to support pro-crypto candidates in the 2026 midterms.<\/p>\n

\u201cRep. Green\u2019s defeat proves that anti-crypto hostility carries real electoral consequences, making him the first Democratic incumbent this cycle to lose his seat,\u201d said Fairshake spokesperson Geoff Vetter. \u201cFairshake was the difference-maker in this race, and we will continue to aggressively back leaders like Rep. Menefee across the country.\u201d<\/p>\n

Six states offer next test for PACs<\/h2>\n

On June 2, California, Iowa, Montana, New Jersey, New Mexico and South Dakota will hold primaries for Democratic and Republican candidates for US House and Senate seats as well as several gubernatorial races.<\/p>\n

As of Wednesday, FEC records showed<\/a> about $500,000 on spending by Protect Progress to support Democrats across the six US states: $55,000 for Mike McGuire for California\u2019s 1st congressional district, $54,000 for Lou Correa for California\u2019s 46th, $53,000 for Ted Lieu for California\u2019s 36th, $56,000 for Lateefah Simon for California\u2019s 12th, $55,000 for Zoe Lofgren for California\u2019s 18th, $54,000 for Dave Min for California\u2019s 57th and $163,000 for Rob Menendez in New Jersey\u2019s 8th congressional district.<\/p>\n

Related: <\/strong><\/em>Trump backs CFTC authority over prediction markets<\/strong><\/em><\/a><\/p>\n

With the recent scandal and resignation of California gubernatorial candidate Eric Swalwell, the so-called jungle primary for governor, also on June 2, has widened the field to a variety of Democratic and Republican candidates. <\/p>\n

<\/figure>\n

Candidates for California governor. Source: <\/em>CBS News<\/em><\/a><\/p>\n

California’s jungle primary is a system where all candidates for an office, regardless of party affiliation, appear on the same primary ballot. The top two vote-getters then advance to the general election, even if they are from the same political party.<\/p>\n

In 2024, Fairshake spent about $10 million on incendiary ads targeting Democrat Katie Porter as part of her run for US Senate in California. Porter lost her 2024 primary, but is on the ballot next Tuesday as a California gubernatorial candidate, raising the question of how the crypto industry will respond to her race.<\/p>\n

Vetter told Cointelegraph in April that the PAC doesn\u2019t \u201ccomment on strategic decision-making, including whether to enter or not enter a race,\u201d referring to Porter\u2019s candidacy. Cointelegraph sought comment from Porter\u2019s campaign but did not receive an immediate response.<\/p>\n

As of Wednesday, no FEC filings appeared to show crypto PAC spending on ads opposing Porter or other gubernatorial candidates. However, Ripple co-founder Chris Larsen told<\/a> Politico in December that he would contribute $39,200 to Porter\u2019s campaign and the same amount to support Republican Steve Hilton.<\/p>\n

At last look on Wednesday, bets on prediction market Polymarket<\/a> favored Hilton and Xavier Becerra, at 86% and 80%, respectively. Porter had a 1% chance to advance to one of the two spots in November’s general election.<\/p>\n

Magazine: <\/strong><\/em>Big Questions: Do we really only need 2\u20135 cryptocurrencies?<\/strong><\/em><\/a><\/p>\n<\/div>\n

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy<\/a> and aims to provide accurate and timely information. Readers are encouraged to verify information independently. <\/p>","protected":false},"excerpt":{"rendered":"

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