Crypto PACs Help Decide Key Texas Runoffs as Congress Rewrites Digital Asset Rules
Victories by candidates backed by crypto-focused PACs in a politically influential state could give the industry additional allies as those measures advance. Crypto money reshapes key Texas races Two races in particular show how that money is being deployed. Protect Progress, an affiliate of the Fairshake super PAC backed by firms including Ripple and Coinbase, reported spending about $5 million to support Menefee and a further $2.8 million on advertising opposing Green in the Houston race. Another crypto-focused group, Fellowship PAC, funded in part by financial firm Cantor Fitzgerald and crypto custodian Anchorage Digital, reported roughly $500,000 in spending to boost Paxton over Cornyn in the Senate runoff. Fairshakes Republican affiliate, Defend American Jobs, also backed four winning Republican candidates, Jon Bonck, Tom Sell, Carlos De La Cruz and Alex Mealer. Texas runoffs test cryptos political power Bitcoin-focused policy advocate Dennis Porter commented on Menefees victory, saying, “A pro crypto Democrat just ousted a 20-year incumbent Democrat who was anti crypto. Nature is healing,” a nod to what many in the industry saw as years of Democratic-led “Operation Choke Point 2.0,” campaigns, in which bank regulators and enforcement agencies have been accused of squeezing crypto firms out of the financial system. While much of crypto PACs‘ recent









