Crypto PACs Flex Political Muscle In High-Stakes Texas Runoffs

Crypto-linked PACs poured millions into two high-profile Texas runoffs, signaling the industry’s growing political influence and potential market implications. Bets on Kalshi exceeded $16 million, with the platform giving Republican Ken Paxton a 96% chance over John Cornyn and Polymarket showing similar odds. Protect Progress (affiliated with Ripple- and Coinbase-backed Fairshake) reported $5.0M spent supporting Christian Menefee and $2.8M on ads against opponent Green; the Fellowship PAC (backed by Cantor Fitzgerald and Anchorage) reported $500k supporting Paxton. Prediction-market signals and heavy crypto-industry spending underscore that the election outcomes could affect crypto-friendly legislation and regulatory momentum in the next Congress, making these political results relevant to market participants and digital-asset policy watchers.