Voters in North Carolina, Texas, and Arkansas are kicking off the 2026 US midterm election primaries, with outcomes that could significantly influence Congress and crypto legislation.
In Texas, Representative Jasmine Crockett, a Democrat, is vying for a US Senate seat. Crockett has supported stablecoin legislation, though she voted against the CLARITY Act. Her past campaigns received substantial financial backing from crypto-focused Political Action Committees, some with ties to former FTX CEO Sam Bankman-Fried.
The Texas Senate race alone has seen over $122 million in spending. Crockett faces state Representative James Talarico in the Democratic primary, while Republican incumbent John Cornyn is challenged by figures including Texas Attorney General Ken Paxton.
Crypto interest groups, like the Super PAC Fairshake, backed by major companies such as Ripple Labs and Coinbase, spent over $133 million in 2024. They aim to cultivate a "pro-crypto Congress" and have already begun influencing races in Alabama and Texas for the upcoming midterms. Fairshake has also earmarked funds to oppose incumbents deemed "hostile" to the crypto community.
This electoral cycle follows a period where the crypto industry saw significant legislative wins, including the passage of the GENIUS Act. The industry's influence on policy and potential shifts in congressional power remain a critical factor.