Al 'Mr.Impeachment' Green Out As Crypto-Backed Candidates Win Key Texas Primary Runoffs
What they're not telling you: CRYPTO INDUSTRY'S $7.8 MILLION BET ON TEXAS POLITICS OUSTS HOUSE BANKING SKEPTIC The cryptocurrency industry spent $7.8 million to remove one of Congress's most vocal skeptics of unregulated digital asset markets from his seat, and it worked. Al Green, a four-term Democratic representative from Houston and senior member of the House Financial Services Committee, lost his primary race to challenger Christian Menefee on Tuesday. The loss came after Protect Progress—a super PAC affiliate funded by Ripple Labs and Coinbase—deployed $5 million directly supporting Menefee while simultaneously spending $2.8 million on advertisements opposing Green.
What the Documents Show
The math here is straightforward: the crypto industry identified a regulatory obstacle and purchased his removal from Congress. Green's record explains the targeting. Over his sixteen years in office, Green has consistently questioned whether existing securities and commodities frameworks adequately protect retail investors in crypto markets. He raised concerns about stablecoin design during Congressional hearings and resisted industry pressure to pre-emptively legalize digital asset trading before Congress had written binding rules. From the crypto industry's perspective, Green represented friction—specifically, the friction of a legislator willing to slow-walk their agenda.
Follow the Money
The broader spending pattern reveals how deliberately this operation was structured. Protect Progress is not an independent political committee with diverse donor bases. It is, by design, a subsidiary of Fairshake, a super PAC whose founding contributors include Ripple, Coinbase, Jump Crypto, and the Circle Group. These are not passive observers in the regulatory process. Ripple is currently defending itself in an SEC lawsuit over whether XRP constitutes an unregistered security. Coinbase faced SEC enforcement action over its proposed lending products.
What Else We Know
Both companies have direct financial incentives in how Congress writes stablecoin legislation and defines market structure rules. The Texas races also demonstrate strategic concentration. While crypto-backed PACs ran national spending campaigns, their most aggressive resource deployment targeted a small number of races where sitting legislators held skeptical positions on crypto regulation. Fellowship PAC—funded partly by Cantor Fitzgerald and Anchorage Digital—spent $500,000 backing Ken Paxton over four-term Senator John Cornyn in the Senate runoff. The signal is identical: when incumbents resist industry preferences, the crypto lobby funds their opponents. What makes this consequential is timing and leverage.
Primary Sources
- Source: ZeroHedge
- Category: Money & Markets
- Cross-reference independently — don't take our word for it.
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