ME News reports that on May 27 (UTC+8), according to Eleanor Terrett, the $2.5 trillion cryptocurrency industry is channeling significant funding through multiple PACs backed by crypto companies in key primary runoff elections in Texas. Tether-supported Fellowship PAC has spent $500,000 on ads supporting Ken Paxton’s campaign against incumbent Senator John Cornyn, after previously withdrawing a planned $1.75 million ad budget for Paxton. The newly formed Blockchain Leadership Fund has donated to TX-18 candidate CD Menefee and TX-38 candidate Jon Bonck. Fairshake, the largest crypto super PAC network, along with its affiliated organizations, held approximately $193 million in funds earlier this year and has invested $6.5 million in support of Menefee, over $2.5 million opposing incumbent Representative Al Green, and a combined $1.8 million supporting multiple candidates in several Republican primaries. (Source: PANews)
Crypto-Funded PACs Target Key Texas Primaries with Millions in Spending
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Summary
Crypto news shows major crypto-funded PACs are increasing spending in key Texas primary runoffs. The Tether-backed Fellowship PAC has spent $500,000 on Ken Paxton’s campaign against Senator John Cornyn. The Blockchain Leadership Fund has donated to the TX-18 and TX-38 races. Fairshake, the largest crypto PAC network, has spent over $6.5 million in TX-18 and $2.5 million against Representative Al Green, while supporting multiple GOP candidates. Crypto updates highlight the growing influence of digital asset interests in Texas politics.
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