Written by Turner Wright,Staff Writer
Reviewed by Robert Lakin,Staff EditorWhat's at stake for crypto as 3 US states kick off party primaries?
28 minutes agoSuper PACs backed by the crypto industry are expected to spend millions of dollars in the 2026 midterm elections after many of their chosen candidates won in 2024.
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Subscribe on Follow ourVoters in North Carolina, Texas and Arkansas will decide on some of the first candidates for the 2026 midterm elections in the United States as primary season kicks off, potentially influencing the future of Congress and crypto legislation.
In Texas, Democratic Representative Jasmine Crockett is running for Republican John Cornyn’s US Senate seat for Texas. Crockett, a member of the House of Representatives since 2023, voted for the stablecoin payments bill GENIUS Act in July and FIT21, the previous version of the digital asset market structure bill before the CLARITY Act, which she voted against.
Crockett came under scrutiny in 2022 after the political action committee (PAC) Protect Our Future, whose backers included former FTX CEO Sam Bankman-Fried, spent $1 million supporting her run for the US House of Representatives. Web3 Forward, another PAC associated with the crypto industry, reportedly spent another $1 million on Crockett’s race.
The Democratic candidate said in a January interview that she had not accepted “any corporate PAC money” for her 2026 Senate campaign, but that doesn’t stop committees backed by the crypto industry from supporting her candidacy through media buys or criticizing her opponents through negative ads. According to political tracking platform AdImpact, the Texas Senate primary has resulted in more than $122 million in spending on both sides as of Feb. 27.
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Crockett will face off in the Democratic primary against state Representative James Talarico, while Cornyn, the Republican incumbent, faces challenges from Texas Attorney General Ken Paxton and others. The race is just one of many in 2026 that could potentially change the balance of power in Congress, with 33 Senate seats and all 435 House seats up for grabs.
A repeat of 2024 for crypto interest groups?
Fairshake, the Super PAC backed by many crypto companies including Ripple Labs and Coinbase, spent more than $133 million on media in 2024 supporting Bernie Moreno’s run for the Ohio Senate and other key races.
The result, according to advocates including Coinbase CEO Brian Armstrong and then-Blockchain Association CEO Kristin Smith, was the “most pro-crypto Congress” in history, which went on to pass the GENIUS Act and move closer to passing a comprehensive market structure bill.
Fairshake said in January that it had $193 million in its coffers ahead of the midterm elections, some of which Fairshake has already used to attempt to influence races in Alabama and Texas. Cointelegraph reached out to a spokesperson for comment on Tuesday’s primary, but had not received a response at the time of publication.
The PAC’s affiliate, Protect Progress, reportedly said in February that it had earmarked $1.5 million to oppose the reelection of Texas Representative Al Green, specifically citing the lawmaker’s “actively hostile towards a growing Texas crypto community.”
The crypto advocacy organization Stand With Crypto listed Green as “strongly against crypto” based on his public statements and voting record in Congress, while his primary challenger, Christian Menefee, received a “strongly supports crypto” rating.
US President Donald Trump, whose campaign was also supported by many in the crypto industry, won the presidency in 2024. He went on to replace Gary Gensler as chair of the Securities and Exchange Commission with his pick, Paul Atkins, in a campaign promise to the industry, pardon crypto figures including former Binance CEO Changpeng Zhao, and sign the GENIUS Act into law.
However, the president continues to face claims of conflicts of interest from many lawmakers due to his family’s ties to crypto. Trump’s term ends in January 2029.
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