Bets on Republican Senate in Texas Primary runoff Total trading volume exceeded $16 million on prediction platform Kalshi, which gave cryptocurrency-backed candidate Ken Paxton a 96% chance of defeating incumbent John Cornyn ahead of Tuesday’s vote.
Calci’s platform has consistently favored the Democratic challenger in the House race as well, with Christian Menefee’s odds of winning remaining steady since February.
two Political action committees With ties to the cryptocurrency industry behind millions of dollars in ad spending linked to both races.
Risks behind spending
Texas voters cast ballots Tuesday in two runoff elections — one statewide and one in the Houston area’s 18th Congressional District. On the Republican side, Paxton faced Cornyn for the US Senate seat.
On the Democratic side, Green faced Menefee to decide who would run in the general election in November. The results could shape the balance of power in Congress when the new session begins in 2027.
Source: US Federal Election Commission
Protect Progress, a subsidiary of Fairshake PAC backed by Ripple and Coinbase, I mentioned Spending $5 million on ads supporting Menefee. It spent another $2.8 million on ads running against Greene, whom the political action committee described as “violently hostile” to digital assets.
Reports He revealed that Minifie also received approval from the Blockchain Leadership Fund, a committee backed by Anchorage Digital and Chainlink Labs, although that group had not reported any expenditures as of Monday.
Unusual advertising strategy
Not all ads are focused Cryptocurrency. At least one website funded by Protect Progress attacked Greene for his opposition to US President Donald Trump – without mentioning cryptocurrencies or blockchain anywhere in the ad.
One local commentator featured in the FOX26 segment said he saw 12 TV ads in one day paid for by Protect Progress PAC, noting that the same group of people funding those ads are also among Trump’s primary financial backers.
The Senate race attracted spending from a separate political action committee. The Fellowship PAC, backed by Wall Street firm Cantor Fitzgerald and Anchorage, reported spending $500,000 to support Paxton — a move that came roughly 24 hours after Trump endorsed Paxton and criticized Cornyn for being slow to support him as the Republican presidential nominee.
Prediction markets and what they showed
everything He gave Minifie a 91% chance of winning the Democratic House primary. Rival platform Polymarket showed similar odds for both candidates in their race.
Under the current Republican-led Congress, lawmakers have already passed cryptocurrency-friendly legislation, including the GENIUS Stablecoin Act, giving the industry a clear interest in who holds these seats when the next session convenes.
Featured image from Getty Images, chart from TradingView
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