Crypto money has a reputation for backing Republicans. Texas just put that to bed.
Industry-aligned PACs spent more than $9 million across this cycle's Texas races, and Tuesday's primaries delivered wins on both sides of the aisle - including one that ended a sitting Democrat's career.
Houston Democrat Christian Menefee beat Rep. Al Green in a Democratic runoff for Texas's 18th Congressional District, ending the career of a longtime House Financial Services Committee member who had warned crypto could weaken U.S. financial power overseas.
That stance earned Green an "F" rating from Stand With Crypto, an industry advocacy group that tracks how lawmakers vote on digital asset bills.
Then Fairshake - the biggest crypto-aligned super PAC - went to work against him.
A Fairshake spokesperson said Green's defeat "proves that anti-crypto hostility carries real electoral consequences." That's the message the industry wants every member of Congress to hear heading into 2026.
The 18th is a safely Democratic seat, so Menefee is now the heavy favorite to win in November.
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Defend American Jobs, Fairshake's Republican affiliate, spent roughly $1.8 million backing four winning Republican primary candidates:
A separate crypto PAC called Fellowship dropped another $500,000 on Texas Attorney General Ken Paxton, who toppled longtime Sen. John Cornyn in the Republican Senate primary.
Cornyn had served in the Senate since 2002, and his loss showed even powerful incumbents aren't safe when industry money piles in.
Why it matters: These were low-turnout runoffs - the kind where a few hundred thousand dollars can basically lock in a House seat for years, since the eventual nominee is usually heavily favored in November.
Fairshake and its affiliates have now spent more than $130 million across federal races since 2024, making it one of the biggest single-issue spenders in American politics.
Texas was just one night of primaries, but the industry's war chest is built for the full 2026 midterm cycle - where Democrats currently sit as slim favorites to flip both the House and Senate.
Crypto PACs are showing they'll spend on both sides to back allies, and Green's defeat just gave every incumbent a clear example of what an "F" rating can cost.
The midterms are roughly six months out.
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