Crypto Industry Influences Texas Primary Runoffs with Strategic PAC Spending

Eleanor Terrett posted on X. The $2.5 trillion cryptocurrency industry is actively participating in the Texas primary runoffs, with crypto-backed political action committees (PACs) investing in several competitive races. Tether-backed Fellowship PAC has allocated $500,000 for advertisements supporting Ken Paxton's campaign for the Texas Senate seat against incumbent John Cornyn. This expenditure follows U.S. President Donald Trump's endorsement of Paxton and comes after the PAC withdrew a planned $1.75 million ad purchase for Paxton in April. The newly established Blockchain Leadership Foundation has contributed an undisclosed amount to Democrat CD Menefee, who is challenging Representative Al Green in Texas's 18th Congressional District. Additionally, it has donated to Jon Bonck, a Trump-endorsed Republican candidate for the open 38th Congressional District seat. Fairshake, along with its affiliates, represents the largest Super PAC network in the crypto sector, beginning the year with approximately $193 million in funds. The network has invested in several Texas races, including spending $6.5 million to support Menefee and over $2.5 million opposing Green in TX-18. Furthermore, Fairshake has spent a total of $1.8 million across various GOP primary runoffs, including $453,000 supporting Alex Mealer in TX-9, $426,000 for Sell in TX-19, $607,000 for Carlos in TX-35, and $348,000 for Bonck in TX-38.