Crypto-aligned political action committees have poured a combined $7.7 million into two U.S. House races this cycle — $4.9 million backing candidate Menefee and $2.8 million opposing Representative Al Green. The spending, disclosed in recent filings, is the latest signal that the industry is settling in for a long-term influence campaign rather than chasing quick wins.
The Menefee bet
The $4.9 million spent on behalf of Menefee makes the race one of the most expensive in the country for a single candidate. It's a clear bet that the industry wants a friendly voice on committees that oversee financial services and digital assets. Menefee's platform has not been detailed in public filings, but the size of the investment suggests the PACs see a return on regulatory access.
Why Al Green?
On the other side, the $2.8 million against Al Green — a Texas Democrat who has been in Congress since 2005 — points to a targeted effort to unseat a lawmaker who has opposed crypto-friendly legislation. Green has been a vocal critic of the industry's lobbying push and sits on the Financial Services Committee. The attack spending is aggressive for a primary or general election, depending on the contest.
Long game on the CLARITY Act
The backdrop to all this money is the CLARITY Act, which would create a clearer regulatory framework for digital assets. It hasn't become law yet, and the industry knows it needs more allies in both chambers. Spending now, even in races that might not flip, builds relationships and signals to other politicians that supporting crypto can come with big-dollar backing — or opposition.
This isn't a one-cycle play. The PACs are building a durable political operation, not placing a single bet. With the midterms approaching, the Menefee and Green races will be early tests of whether that long-term approach pays off.
