Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
'Magic Pill' or Placebo?: Black Politicians and the Crypto Lobby by Naomi Bethune
Last month, Rep. Al Green and fellow Rep. Christian Menefee faced off in a highly contested runoff to fill Texas’s 18th Congressional District seat. When Texas Republicans gerrymandered the state’s congressional maps last summer, Green saw the Houston-area district he served for two decades eliminated, and he shifted to the 18th, where Menefee had just been elected after the death of Rep. Sylvester Turner.
Nearly 40 years Green’s junior, Menefee ran on a platform not unlike his opponent’s, promising to advocate for racial and gender equality, affordability, and reforming the U.S. immigration system. But his stance on one issue diverged significantly from Green’s: cryptocurrency.
FairShake, one of the most influential crypto super PACs, poured over $4 million into ads benefiting Menefee’s campaign, through its Democratic-aligned affiliate Protect Progress. In 2024, Protect Progress spent over $33 million to support the campaigns of 23 Democrats. Only two lost. FairShake has a Republican arm too, known as Defend American Jobs. Overall, it shelled out around $40 million last cycle, and in 2026 it has around $130 million to spend, coming from tech giants like Andreessen Horowitz, and companies such as Coinbase and Ripple.
On his campaign website, Menefee signaled his support for crypto, saying: “Technologies like blockchain offer the potential to increase trust, transparency, and efficiency—from finance to supply chains.” Stand With Crypto, an industry group that rates congressmembers based on their support of hands-off federal regulation of the currency, has given Menefee an “A” rating. Green has an “F.”
Nearly 40 years Green’s junior, Menefee ran on a platform not unlike his opponent’s, promising to advocate for racial and gender equality, affordability, and reforming the U.S. immigration system. But his stance on one issue diverged significantly from Green’s: cryptocurrency.
FairShake, one of the most influential crypto super PACs, poured over $4 million into ads benefiting Menefee’s campaign, through its Democratic-aligned affiliate Protect Progress. In 2024, Protect Progress spent over $33 million to support the campaigns of 23 Democrats. Only two lost. FairShake has a Republican arm too, known as Defend American Jobs. Overall, it shelled out around $40 million last cycle, and in 2026 it has around $130 million to spend, coming from tech giants like Andreessen Horowitz, and companies such as Coinbase and Ripple.
On his campaign website, Menefee signaled his support for crypto, saying: “Technologies like blockchain offer the potential to increase trust, transparency, and efficiency—from finance to supply chains.” Stand With Crypto, an industry group that rates congressmembers based on their support of hands-off federal regulation of the currency, has given Menefee an “A” rating. Green has an “F.”
https://prospect.org/2026/06/18/magic-pill-or-placebo-black-politicians-crypto-lobby/]
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
