A congressional runoff election in Texas has become the latest focal point for cryptocurrency industry political funding. According to Federal Election Commission filings, the Protect Progress political action committee affiliated with Fairshake increased its spending before the vote, supporting Democratic challenger Christian Menefee while running opposition ads against incumbent Representative Al Green.
The investment amount is directed to District 18.
Documents show that Protect Progress spent $5 million supporting Menefee and an additional $2.8 million opposing Green, totaling approximately $7.8 million. This spending occurred ahead of the runoff election in Texas’s 18th Congressional District.
Fairshake previously disclosed that it entered the 2026 election cycle with $193 million in cash on hand. This Texas race is therefore seen as a key battle in the organization’s new round of congressional strategy.
Green became a target for opposing the bill.
Green has been one of the clearer critics of cryptocurrency in Congress. He voted against the stablecoin bill, the GENIUS Act, and also opposed the Clarity Act on cryptocurrency market structure. The crypto advocacy group Stand With Crypto gave him an F rating.
During his speech in the House, Green criticized his opponent for accepting support from the crypto industry, stating that he would not be swayed by “crypto money.” Reports indicate that it is precisely his stance on related legislation that has made his seat a key target for political funding from the crypto industry.
Predictive markets track election results in real time.
In addition to Protect Progress, Menefee received support from the Blockchain Leadership Fund, which is backed by Anchorage Digital and Chainlink Labs. Fairshake’s primary supporters include Ripple Labs and Coinbase.
Meanwhile, prediction markets are also tracking the Texas race. Kalshi initially set Menefee’s win probability at 91%, and Polymarket’s pricing was close to that level. In another Texas Republican Senate runoff, trading volume for contracts related to Ken Paxton has exceeded $16 million.
This election has drawn attention not only because of the scale of funding but also because it directly relates to the progress of future cryptocurrency legislation in Congress. If the pro-crypto bloc continues to influence seat distribution through campaign funding, the pace of progress for the stablecoin and market structure bills in Washington could also shift accordingly.