US Senate · Donald Trump · White House · Chainlink · Cointelegraph
Crypto PAC money pours into Texas primary runoffs, as prediction markets favor challengers
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The crypto-aligned Protect Progress PAC reported spending another $750,000 on media for a Democratic candidate over Representative Al Green, whom it described as “actively hostile” to digital assets.
Key facts
- The Fellowship PAC, funded by Wall Street firm Cantor Fitzgerald and Anchorage, reported spending $500,000 to support Paxton over Cornyn for the US Senate seat
- The crypto-aligned Protect Progress PAC reported spending another $750,000 on media for a Democratic candidate over Representative Al Green, whom it described as “actively hostile” to digital assets
- As of Sunday, Protect Progress, affiliated with the Ripple- and Coinbase-backed Fairshake PAC, reported spending $5 million to support Menefee over Green
- The Kalshi prediction market gave its users 91% and 96% chances on event contracts favoring Menefee over Green and Paxton over Cornyn, respectively
Summary
Two Texas Congressional candidates supported by millions of dollars in spending from interest groups aligned with the cryptocurrency industry are headed for runoffs this week in races for the US Senate and House of Representatives. On Tuesday, Democratic voters in Texas’ 18th congressional district will decide between incumbent Al Green and challenger Christian Menefee to run in November's general election. Both Tuesday races are runoffs after none of the candidates failed to secure a majority in Texas’ March primaries. As of Sunday, Protect Progress, affiliated with the Ripple- and Coinbase-backed Fairshake PAC, reported spending $5 million to support Menefee over Green.