Crypto PAC Pledges $1.5M to Unseat Al Green in Texas

TheNewsCrypto
POL3.1%
  • Protect Progress plans to spend $1.5 million on efforts to oppose Rep. Al Green in Texas.
  • The cryptocurrency industry remains a significant investor in political campaigns in the U.S.
  • Christian Menefee supports blockchain innovation and could benefit from pro-crypto funding.

The pro-crypto political action committee Protects Progress has committed $1.5 million to oppose Representative Al Green in Texas’ upcoming Democratic primary. The group targets Green over his voting record and public stance against major crypto legislation.

Protect Progress operates as an affiliate of Fairshake, one of the largest crypto-focused super PACs in the United States. According to statements shared with The Hill, the group argues that Green’s opposition to digital asset bills harms innovation and economic growth in Texas.

Green, who has represented Texas’s 9th congressional district since 2005, voted against crypto-related bills such as the GENIUS Act and the CLARITY Act. These proposals sought to clarify stablecoin regulation and define the broader crypto market structure. Protect Progress claims his record shows hostility toward a growing crypto community in Texas.

Primary Battle: Green vs. Menefee

Green will compete against Christian Menefee in the Democratic primary scheduled for March 3. Texas will vote alongside Arkansas and North Carolina, making it one of the first major primary contests this cycle.

The advocacy group stands with Crypto labels Green as “strongly against crypto” based on his voting history. In contrast, it rates Menefee as “strongly supportive.” Menefee has expressed interest in using blockchain technology to address real-world issues, including recording property deeds on-chain to reduce fraud and modernize outdated systems.

The outcome of this race could signal how much influence crypto-backed funding holds in reshaping party primaries rather than just general elections.

Super PAC Strategy and Growing War Chest

Super PACs cannot donate directly to campaigns or coordinate with candidates. Instead, they fund independent advertising and voter outreach efforts. The Federal Election Commission outlines these restrictions in its guidance on super PAC operations.

Fairshake disclosed in January that it had amassed $193 million ahead of the midterm elections. During the 2024 cycle, the group spent roughly $130 million supporting pro-crypto candidates. That spending wave helped elect lawmakers who favor digital asset innovation.

Analysts at OpenSecrets report that technology-related political spending has surged in recent years. Crypto now ranks among the most aggressive sectors in campaign financing.

Another affiliate, Defend American Jobs, is also an active participant in promoting and expanding the political sphere, as this affiliate has recently vowed to pledge $5 million in support of the chosen Republican Senate candidate, Barry Moore.

Crypto’s Expanding Political Footprint

The Texas primary is an early test of micro-target funding for digital assets. If Protect Progress succeeds, similar strategies may appear in other competitive districts.

Lawmakers increasingly face campaign pressure tied directly to their crypto voting records. As regulatory debates intensify in Washington, political capital and financial backing from the crypto industry continue to grow.

Highlighted Crypto News:

Polygon (POL) Reclaims Strength: Will This 6% Spike Spark a Larger Rally?

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

Related Articles

Russia's return to USD settlement triggers market turbulence. Can Bitcoin brew a reversal above $60,000?

February 13 News, geopolitical tensions continue to impact global risk assets. Since the beginning of this week, financial market capitalization has evaporated by approximately $120 billion, with major stock indices retreating to pre-election levels. Amid rising risk aversion, gold initially rebounded but experienced a 3.19% decline on February 12, indicating that market sentiment is still rapidly shifting. On the same trading day, Bitcoin fell by 1.2%, and the U.S. stock market's S&P 500 index dropped by 1.57%, showing a synchronized weakening trend. Bloomberg reported that Russia is re-expanding the use of the US dollar in cross-border settlements, a move seen as an important signal for the global currency landscape. From a technical perspective, the US dollar index, after more than a year of correction, has returned to the 2022 range, and the potential for a rebound could enhance the attractiveness of dollar assets.

GateNewsBot6m ago

"Game Over" slapped in the face? From delisting to comeback, XRP survives strongly after the SEC storm

On February 13, news broke that an old tweet from 2020 was recently rediscovered in the crypto community. Michael J. Casey, then an executive at CoinDesk and now Chairman of DAIS Global, once commented "Game Over" on a platform suspending XRP trading after U.S. regulators sued Ripple. At the time, this statement was seen as a final judgment on XRP's fate and deepened market concerns about its prospects in the United States. However, the reality did not unfold as predicted. In mid-2023, a U.S. federal court ruled that XRP traded on secondary markets does not qualify as a security. This ruling marked a turning point, and subsequently, several major U.S. trading platforms restored XRP trading permissions. Since then, XRP has gradually emerged from regulatory shadows and re-entered the mainstream market.

GateNewsBot8m ago

Strategic Bitcoin Reserve Bill Allowing Brazil to Acquire up to 1 Million BTC Reintroduced in Congress

A bill proposing the acquisition of up to 1 million BTC has been introduced to the Brazilian Congress, significantly expanding a previous national strategic bitcoin reserve. The draft, which will need to be greenlit, would put Brazil among the countries holding the most bitcoin. New 1 Million BTC

Coinpedia28m ago

Governments Worldwide Participate in Bitcoin Mining: VanEck Reveals National-Level Hashrate Deployment, BTC Moving Toward a Strategic Asset

February 13 News, as the Bitcoin network continues to expand, a global "invisible race" around computing power is underway. According to the latest disclosures from VanEck, several countries are no longer just regulating but are actively participating in Bitcoin mining through direct or indirect means. This shift indicates that Bitcoin is gradually evolving from a grassroots digital asset into a piece of infrastructure with national strategic significance. From an economic perspective, mining is increasingly seen as a tool for energy monetization. For countries with surplus hydropower, geothermal, or idle electricity generation capacity, converting electricity into Bitcoin offers a more resilient way to output value. Instead of purchasing digital assets on the open market, governments prefer to "native acquire" Bitcoin through their own hash power to build long-term digital reserves, which has practical implications in the geopolitical financial landscape.

GateNewsBot30m ago

Netherlands to impose 36% tax on unrealized gains starting in 2028, crypto and stock investors face cash flow challenges

February 13 News, the Dutch House of Representatives passed the "Third Pillar Actual Yield Act" (Wet werkelijk rendement box 3) this week, planning to reshape the country's investment tax system starting January 2028. The new system will tax the "actual yield" of most investment assets such as stocks, cryptocurrencies, bonds, and others, at an approximate rate of 36%. This means that even if investors have not sold their assets, they are still required to pay annual taxes on unrealized gains. Under the current framework, taxes are largely based on assumed rates of return, whereas the new legislation will directly tax actual returns. This change is seen as a significant shift in the Dutch tax system. For highly volatile cryptocurrencies, the mechanism of taxing unrealized gains could lead to noticeable liquidity pressures. Some community members warn that if the market experiences a correction, investors may face the risk of their paper profits being rapidly eroded after paying taxes.

GateNewsBot2h ago

Kazakhstan Shifts $350M in Gold Reserves Into Bitcoin

Kazakhstan is cautiously entering the crypto market, with its National Bank allocating up to $350 million for a national investment fund focused on crypto hedge funds, ETFs, and related companies, rather than directly purchasing Bitcoin. This strategy diversifies exposure while maintaining reserve security.

Coinfomania2h ago
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)