In Texas, political committees focused on the cryptocurrency industry spent more than $9 million in total supporting both parties in this year’s election cycle. In the primaries held on Tuesday night, the candidates supported by the industry made significant gains. This development shows that the crypto industry has a growing influence on American politics.
Crypto-backed candidates stand out
One of the most notable races was between Democrat Christian Menefee of Houston and Democratic Rep. Al Green. While Menefee prevailed in the Democratic primary for Texas’ 18th Congressional District, Al Green’s long-held seat was eliminated by a Republican-led rezoning. Therefore, Green had to compete against a strong opponent like himself.
It was noteworthy that Green is a member of the Financial Services Committee of the US House of Representatives and supports anti-industry legislation. Stand With Crypto, an organization that advocates for the cryptocurrency industry, gave Green an “F” grade. Green argued that crypto assets could weaken the US’s global financial influence.
Fairshake spokesperson Geoff Vetter told CoinDesk: “Rep. Green’s loss shows that anti-crypto sentiment has real costs in the election. Fairshake was the difference maker in this race, and we will continue to support leaders like Christian Menefee nationally.”
As crypto-backed candidates emerged with back-to-back victories, the industry’s different committees and political groups invested in both Republican and Democratic candidates.
Bipartisan support from committees
In the Republican Senate primaries, Texas Attorney General Ken Paxton surpassed long-time incumbent Senator John Cornyn. On the other hand, Fairshake’s Republican subsidiary, Defend American Jobs, and its Democratic subsidiary, Protect Progress, offered financial support to candidates from two different parties. Additionally, Fellowship PAC, an independent crypto-focused political committee, reportedly contributed $500,000 to Paxton.
In different races across Texas, Defend American Jobs spent a total of $1.8 million on Republican candidates Jon Bonck, Tom Sell, Carlos De La Cruz and Alex Mealer. Each of these candidates rose to prominence in low-turnout primaries, virtually guaranteeing their candidacy in November’s general election.
Mini-dictionary: Fairshake is a bipartisan political action committee where the cryptocurrency industry provides funding and direct support to candidates to influence political decision-makers in the United States.
| Candidate/Institution | Support Received | Race |
|---|---|---|
| Christian Menefee | Fairshake | Texas 18th Congressional District |
| Ken Paxton | Fellowship PAC, Fairshake | Republican Senate Primary Election |
| Jon Bonck | $348,433 (Defend American Jobs) | Low turnout Republican primary |
| Tom Sell | $426,279 (Defend American Jobs) | Low turnout Republican primary |
| Carlos De La Cruz | $581,172 (Defend American Jobs) | Low turnout Republican primary |
| Alex Mealer | $436,278 (Defend American Jobs) | Low turnout Republican primary |
New term signal for 2026 elections
The results of the primaries held in a single day in Texas revealed that groups close to the crypto industry have significant financial power and strategic influence. Sector representatives clearly showed that they are making serious preparations to gain wider political influence in the midterm Congress elections in 2026. There is a possibility, albeit by a small margin, that Democrats will gain the upper hand in both the House of Representatives and the Senate in these elections.
The results indicate that crypto industry-centered political committees have increased their effectiveness regardless of party in America and that this activity will grow further in the coming period.
