WASHINGTON — During the 2024 midterm election period, 53 out of 58 candidates funded by cryptocurrency super PACs successfully gained seats in Congress, with four hailing from Texas.
This year, these PACs are focusing on a fresh set of candidates in Texas and are expected to exceed their previous spending levels during the last midterm elections.
As reported by the latest filings from the Federal Election Commission, two PACs, Defend American Jobs and Protect Progress, have already invested over $2.5 million in Texas candidates this year. These groups are linked to Fairshake, a substantial cryptocurrency fund that disclosed a staggering $193 million in assets as of early 2026.
In conjunction with other crypto-related super PACs, the total expenditure on candidates across the nation stands at approximately $28 million at this point in the midterm election cycle. For reference, only about $22 million was spent by these PACs during the comparable phase two years prior, based on FEC records.
At this same time in the 2024 midterms, Protect Progress was the sole crypto super PAC active in Texas, allocating nearly $1 million solely to aid Rep. Julie Johnson, who went on to win her Democratic primary shortly thereafter, securing her position in the general election in November. Alongside Protect Progress, three additional super PACs, which include Defend American Jobs and Fairshake, collectively donated around $2.5 million to various Texas candidates up until the November elections, involving figures like Sen. Ted Cruz, Rep. Monica De La Cruz, and Rep. Craig Goldman.
Significant legislation relating to cryptocurrency has passed since the last midterm election, notably the GENIUS Act, which became the first federal law regulating the industry, receiving bipartisan approval in July 2025. Supported by the crypto sector, the legislation establishes a regulatory framework that could influence future policies; however, the increased spending might indicate industry apprehension regarding further restrictions.
Currently, bills such as the Clarity Act — criticized for potentially undermining regulatory authority in the crypto space — are still under discussion in Congress and represent just one aspect of future regulatory developments.
“There is a prevailing fear that Congress will impose stringent regulations, prompting [crypto PACs] to seek allies who may at least consider their concerns,” commented Daron Shaw, a political science professor at the University of Texas at Austin.
Rep. Christian Menefee has attracted nearly two-thirds of the cryptocurrency-related funding in Texas elections — over $1.5 million has been allocated by Protect Progress, Fairshake’s progressive arm, to support his campaign against Rep. Al Green, according to FEC records. Green was redistricted out of his previous seat and is now competing against Menefee, who won a special election at the end of January, for the area covering central Houston and nearby parts of Harris County.
Green, a member of the House Financial Services Committee, has consistently voted against pro-crypto measures, including both the GENIUS Act and the Clarity Act. He has also voiced concerns about cryptocurrency’s potential to undermine U.S. sanctions and its environmental impact due to cryptomining.
In contrast, Menefee stated on his re-election platform that blockchain technology, essential for secure crypto data storage, could enhance “trust, transparency, and efficiency” if consumer protection guidelines are followed. The industry organization Stand with Crypto awarded Menefee an “A” rating, while Green received an “F”.
“Receiving an ‘F’ implies they hold a negative view of you,” Green expressed during a House session on March 19. “When they look down on you, they are likely to take measures to… remove you from office.”
Menefee, benefitting from a significant financial lead, acknowledges the widespread use of crypto and blockchain and advocates for regulation to shield individuals from fraud.
“Currently, over 70 million Americans engage with cryptocurrencies, many of whom are young and reside in Texas-18, as well as a significant number of Black and brown individuals,” Menefee noted in an interview. “My responsibility is to safeguard their interests, and it’s futile to do so without engaging with pertinent issues.”
The age gap between Green, aged 78, and Menefee, 37, has emerged as a campaign topic, with Menefee emphasizing his contemporary approach while Green highlights his experience. Menefee asserts that younger generations are generally more receptive to emerging topics like cryptocurrency, suggesting that lawmakers should not “ignore reality.”
Green did not reply to a request for comments.
Defend American Jobs, which backs Republican candidates, has invested around $771,000 to support Jessica Steinmann, who is in running to succeed retiring Rep. Morgan Luttrell in Congress. Steinmann, who has ties to the Trump administration and Sen. Ted Cruz, promotes herself as a “staunch advocate for digital assets, blockchain technology, and financial innovation that enhances economic freedom” on her campaign page, asserting her support for pro-growth policies that encourage innovation while keeping crypto entrepreneurs local.
The same PAC allocated about $92,000 to Chris Gober, a conservative lawyer aiming for the seat of retiring Rep. Michael McCaul in Central Texas. While Gober does not prominently feature cryptocurrency as a central issue on his campaign site, he commits to promoting technological investments and establishing Austin and the Brazos Valley as “America’s hub for innovation.”
Additionally, the PAC spent approximately $141,000 to support Trever Nehls, brother of Rep. Troy Nehls, who has withdrawn from his reelection campaign as of November. Trever Nehls emerged victorious in his primary in a heavily Republican district outside of Houston.
Michael Beckel of Issue One, a nonpartisan DC organization focused on minimizing the impact of money in politics, observed that cryptocurrency was once a marginal sector of finance prior to the Trump era. Now, the industry seeks greater recognition and influence.
“The cryptocurrency sector desires to have accessibility and responsiveness from both Washington and state government officials,” he remarked.
Adam Green, co-founder of the Progressive Change Campaign Committee, which aims to support candidates opposed to corruption, stated that crypto super PACs outspent and achieved greater success than other significant PACs in electing their favored candidates in 2024, and are on track to replicate this success.
“The crypto sector was effective in the last cycle due to its unique positioning, significantly discouraging political leaders from enacting any rules or safeguards,” Green added.