Protect Progress spent $4.9M supporting Christian Menefee and $2.8M opposing Al Green in Texas' 18th District. The outcome could shape crypto legislation.
The crypto industry's political spending machine has zeroed in on Texas. Protect Progress, a crypto-focused political action committee, spent $4.9 million supporting Christian Menefee and $2.8 million opposing incumbent Al Green in the Democratic primary for Texas' 18th Congressional District, according to the latest Federal Election Commission filings.
Analysts call this the most expensive primary in Texas history. The spending reflects a broader strategy: crypto PACs are targeting anti-industry incumbents while backing pro-crypto challengers, with the 2026 midterm cycle already seeing $68 million in total outlays.
Stand With Crypto, a Coinbase-backed advocacy group, rates Al Green as “strongly against crypto.” He voted against five pro-crypto bills, including the CLARITY Act and the GENIUS Act. Green has publicly criticized the industry's financial influence.
I am unbought by crypto cash, unbought by the millions of dollars that the crypto industry spends to elect people to Congress so that they can have influence over legislation.
Green's stance made him a prime target for Protect Progress, which is part of a network of crypto PACs including Fellowship and Fairshake. These groups have aggressively funded pro-crypto candidates while opposing anti-industry aspirants.
Menefee, by contrast, is rated “strongly supports crypto” by Stand With Crypto. Prediction platform Kalshi gives him an 88% chance of winning the primary as of writing. That lead, however, does not guarantee victory. Prediction markets can shift quickly, and the PAC spending does not control voter turnout.
Crypto PACs have spent nearly $68 million so far in the 2026 election cycle. That is far below the $300 million spent during the 2024 cycle, the pace is accelerating. Protect Progress claimed a victory on May 19 after Jasmine Clark won Georgia's 13th District primary.
The spending is likely to increase ahead of November. Market expectations point to Democrats retaining control of the House, which would keep the CLARITY Act from passing into law unless the industry builds enough support on both sides.
The CLARITY Act has not passed. The crypto industry appears to be playing a multi-cycle strategy: build a pro-crypto bloc in Congress now, then push the bill across the finish line later, especially if President Donald Trump loses control of Congress. Every primary win or loss shifts the math.
The immediate catalyst is the Texas primary outcome. If Menefee wins, it signals that crypto PAC spending can unseat a vocal opponent. If Green survives, the industry will have to reassess its targeting strategy.
Beyond that, the November election for House control is the next major inflection point. A Democratic House would likely block pro-crypto legislation, making the PAC strategy a defensive play. A Republican House could accelerate the CLARITY Act.
For traders, the regulatory backdrop matters more than any single primary. The $68 million spent so far is a signal that the industry is willing to fight for favorable rules. That commitment supports the thesis that U.S. crypto regulation will eventually become clearer, the timeline depends on election outcomes.
Read more on crypto market analysis and the Bitcoin (BTC) profile for how regulatory shifts affect price action.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.