Crypto Super PACs Pour Millions into Texas Midterm Races

Cryptocurrency super PACs are pouring money into Texas midterm races, with spending expected to surpass 2024 levels. These groups have already spent over $28 million this year, with a significant portion of that going towards supporting candidates in Texas and across the country.

The latest Federal Election Commission filings show that two crypto-aligned super PACs, Defend American Jobs and Protect Progress, have combined to spend over $2.5 million on behalf of Texas candidates so far this year. This is a significant increase from the same point in the 2024 election cycle, when these groups had spent around $22 million.

The surge in spending by cryptocurrency super PACs may be driven by concerns about potential regulation of the industry. Major legislation has been passed since the last midterm election, including the GENIUS Act, which formed a regulatory framework for the industry. However, other bills, such as the Clarity Act, are still being negotiated and could have significant impacts on future crypto policy.

Crypto super PACs are backing a range of candidates in Texas, including some who are more favorable to the industry than their opponents. For example, Rep. Christian Menefee has received nearly two-thirds of the crypto spending in Texas races, with Protect Progress alone spending over $1.5 million on his behalf. Menefee's opponent, Rep. Al Green, has been critical of cryptocurrency and its potential impacts on sanctions and climate change.