What's at stake for crypto as 3 US states kick off party primaries?

Super PACs backed by the crypto industry are expected to spend millions of dollars in the 2026 midterm elections after many of their chosen candidates won in 2024.

Voters in North Carolina, Texas and Arkansas will decide on some of the first candidates for the 2026 midterm elections in the United States as primary season kicks off, potentially influencing the future of Congress and crypto legislation.

In Texas, Democratic Representative Jasmine Crockett is running for Republican John Cornyn’s US Senate seat for Texas. Crockett, a member of the House of Representatives since 2023, voted for the stablecoin payments bill GENIUS Act in July and FIT21, the previous version of the digital asset market structure bill before the CLARITY Act, which she voted against. 

Crockett came under scrutiny in 2022 after the political action committee (PAC) Protect Our Future, whose backers included former FTX CEO Sam Bankman-Fried, spent $1 million supporting her run for the US House of Representatives. Web3 Forward, another PAC associated with the crypto industry, reportedly spent another $1 million on Crockett’s race.

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