Crypto’s Most Powerful PAC Sends a Warning to Politicians: Resistance Is Futile
Congressman Al Green, the incumbent representative for the 18th Congressional District in Texas, lost to fellow House Representative Christian Menefee in a runoff election in the Democratic primary for a seat in Congress on Tuesday, and one crypto-focused political action committee (PAC) announced that the loss should be taken as a warning shot to future candidates. Fairshake and other crypto-related PACs dumped millions of dollars into the primary election to oust Green, who has held a seat in Congress for twenty years.
The contest played out across multiple stages following Republican-led redistricting that effectively merged elements of two Houston-area congressional districts into one. The redraw consolidated portions of both incumbents’ districts into a newly drawn 18th, forcing the two Democratic incumbents to compete against each other. In the March primary, both Menefee and Green advanced as the top two finishers but fell short of a majority, forcing the runoff, which Menefee won with nearly 70% of the vote. The victory in the safely Democratic district means Menefee is heavily favored in the November general election.
Fairshake and its affiliated group Protect Progress poured millions into backing Menefee, with The Texas Tribune reporting more than $4 million in outside spending from one crypto super PAC alone, the Fairshake-affiliated Protect Progress. According to The Block, Green earned an F rating from the industry-aligned Stand with Crypto group after voting against both the GENIUS stablecoin legislation and the Clarity Act. Green had also publicly warned that digital assets could undermine the dollar’s global dominance and pose risks to national security. In contrast, Menefee received an A rating from the same group and has spoken positively about blockchain’s potential to improve trust, transparency, and efficiency in finance and supply chains.
Once the results became clear, Fairshake released a confrontational statement: “Rep. Green’s defeat proves that anti-crypto hostility carries real electoral consequences, making him the first Democratic incumbent this cycle to lose his seat. Fairshake was the difference-maker in this race, and we will continue to aggressively back leaders like Rep. Menefee across the country.”
The crypto lobby has been credited with giving a massive boost to Donald Trump during the 2024 presidential election following a speech he gave at the 2024 Bitcoin conference in Nashville, Tennessee, where he made several positive statements regarding bitcoin and crypto, including a stated desire to establish a strategic bitcoin reserve. Industry-backed super PACs, including Fairshake, Protect Progress, and Defend American Jobs, spent more than $133 million across federal races that cycle, according to OpenSecrets. Major donors included Coinbase, Ripple, Jump Crypto, and Andreessen Horowitz.
A recent New York Times report has pointed to similar concerns around the money involved in the CFTC’s strong stance regarding federal authority over the emerging prediction markets and crypto industries. Among the claims, the report alleges that senior CFTC officials under then-acting chair Caroline Pham helped clear regulatory hurdles for several firms tied to Trump family business interests.
The Trump family’s involvement in the crypto industry more generally has also been heavily criticized for “unprecedented corruption.” Duke University lecturing fellow Lee Reiners recently indicated that the Trump-linked World Liberty Financial stands to benefit tremendously from the Clarity Act, which is currently making its way through the Senate. Reiners, a former bank examiner, analyzed World Liberty Financial’s WLFI token and concluded it functions as an unregistered security under the Howey test due to its structure, profit expectations, and centralized control. If passed as written, the legislation would likely reclassify those tokens as network commodities, moving them outside much of the securities-law framework for disclosures and antifraud enforcement. Critics say that would benefit the Trump family’s crypto interests and deepen concerns about self-dealing and conflicts of interest during the president’s second term.
The Clarity Act is intended to clarify how the crypto industry will be regulated in the United States. The specifics of the legislation are still being worked out after intense debate between crypto and banking interests in the U.S. Notably, Coinbase CEO Brian Armstrong threw his weight around back in March by indicating a previous draft of the bill would be worse than having no bill at all. He cited provisions that would amount to a de facto ban on tokenized equities and impose overly broad restrictions on decentralized finance. Coinbase is a massive contributor to the aforementioned crypto PACs, having given more than $75 million to Fairshake and its affiliates during the 2024 cycle and committing an additional $25 million for the 2026 midterms, according to CNBC.
Although the crypto industry has spent massively on political campaigns over the past few years and they were successful in this most recent runoff election in Texas, the Clarity Act is still not a slam dunk, as Democrats (and some Republicans) are pushing for ethics language to prevent the sort of corrupt profiteering by lawmakers that Trump has been alleged to have conducted.
#Cryptos #Powerful #PAC #Sends #Warning #Politicians #Resistance #FutileBitcoin,CLARITY Act,Donald Trump,Fairshake,Marc Andreessen
Congressman Al Green, the incumbent representative for the 18th Congressional District in Texas, lost to fellow House Representative Christian Menefee in a runoff election in the Democratic primary for a seat in Congress on Tuesday, and one crypto-focused political action committee (PAC) announced that the loss should be taken as a warning shot to future candidates. Fairshake and other crypto-related PACs dumped millions of dollars into the primary election to oust Green, who has held a seat in Congress for twenty years.
The contest played out across multiple stages following Republican-led redistricting that effectively merged elements of two Houston-area congressional districts into one. The redraw consolidated portions of both incumbents’ districts into a newly drawn 18th, forcing the two Democratic incumbents to compete against each other. In the March primary, both Menefee and Green advanced as the top two finishers but fell short of a majority, forcing the runoff, which Menefee won with nearly 70% of the vote. The victory in the safely Democratic district means Menefee is heavily favored in the November general election.
Fairshake and its affiliated group Protect Progress poured millions into backing Menefee, with The Texas Tribune reporting more than $4 million in outside spending from one crypto super PAC alone, the Fairshake-affiliated Protect Progress. According to The Block, Green earned an F rating from the industry-aligned Stand with Crypto group after voting against both the GENIUS stablecoin legislation and the Clarity Act. Green had also publicly warned that digital assets could undermine the dollar’s global dominance and pose risks to national security. In contrast, Menefee received an A rating from the same group and has spoken positively about blockchain’s potential to improve trust, transparency, and efficiency in finance and supply chains.
Once the results became clear, Fairshake released a confrontational statement: “Rep. Green’s defeat proves that anti-crypto hostility carries real electoral consequences, making him the first Democratic incumbent this cycle to lose his seat. Fairshake was the difference-maker in this race, and we will continue to aggressively back leaders like Rep. Menefee across the country.”
The crypto lobby has been credited with giving a massive boost to Donald Trump during the 2024 presidential election following a speech he gave at the 2024 Bitcoin conference in Nashville, Tennessee, where he made several positive statements regarding bitcoin and crypto, including a stated desire to establish a strategic bitcoin reserve. Industry-backed super PACs, including Fairshake, Protect Progress, and Defend American Jobs, spent more than $133 million across federal races that cycle, according to OpenSecrets. Major donors included Coinbase, Ripple, Jump Crypto, and Andreessen Horowitz.
A recent New York Times report has pointed to similar concerns around the money involved in the CFTC’s strong stance regarding federal authority over the emerging prediction markets and crypto industries. Among the claims, the report alleges that senior CFTC officials under then-acting chair Caroline Pham helped clear regulatory hurdles for several firms tied to Trump family business interests.
The Trump family’s involvement in the crypto industry more generally has also been heavily criticized for “unprecedented corruption.” Duke University lecturing fellow Lee Reiners recently indicated that the Trump-linked World Liberty Financial stands to benefit tremendously from the Clarity Act, which is currently making its way through the Senate. Reiners, a former bank examiner, analyzed World Liberty Financial’s WLFI token and concluded it functions as an unregistered security under the Howey test due to its structure, profit expectations, and centralized control. If passed as written, the legislation would likely reclassify those tokens as network commodities, moving them outside much of the securities-law framework for disclosures and antifraud enforcement. Critics say that would benefit the Trump family’s crypto interests and deepen concerns about self-dealing and conflicts of interest during the president’s second term.
The Clarity Act is intended to clarify how the crypto industry will be regulated in the United States. The specifics of the legislation are still being worked out after intense debate between crypto and banking interests in the U.S. Notably, Coinbase CEO Brian Armstrong threw his weight around back in March by indicating a previous draft of the bill would be worse than having no bill at all. He cited provisions that would amount to a de facto ban on tokenized equities and impose overly broad restrictions on decentralized finance. Coinbase is a massive contributor to the aforementioned crypto PACs, having given more than $75 million to Fairshake and its affiliates during the 2024 cycle and committing an additional $25 million for the 2026 midterms, according to CNBC.
Although the crypto industry has spent massively on political campaigns over the past few years and they were successful in this most recent runoff election in Texas, the Clarity Act is still not a slam dunk, as Democrats (and some Republicans) are pushing for ethics language to prevent the sort of corrupt profiteering by lawmakers that Trump has been alleged to have conducted.
![This former notorious red-light district is now one of the world’s top AI hubs | TechCrunch
What every U.K. AI startup wants to know these days is, how can I get office space in King’s Cross?
The area is so hot that a VC firm allegedly recently won a deal by promising a founder office space in the neighborhood. “We stop at nothing to win deals [for] and to support” founders, “including helping them source office space when needed,” the firm told me when asked about the rumor, declining to confirm or deny any details.
The neighborhood’s popularity began back in 2016 when DeepMind — then newly acquired by Google — moved in. Soon after, a flood of AI startups followed, wanting to be around the Google DeepMind magic. Today, they hope to take advantage of the cluster of AI talent there.
This has transformed King’s Cross into one of the world’s top AI hubs, rivaled only by San Francisco and Beijing. Around London, it’s known by the sobriquet “Knowledge Quarter,” as it’s home to names like OpenAI, Meta, Isomorphic Labs, Cusp AI, Wayne, Recursive, and, a little farther down the road, Synthesia and Anthropic. The European Technology Network (ETN) just moved into a glossy new office nearby, while University College London sits around the corner.
Mixed in with the new developments are trendy food spots like Hoppers and BAO. Hop a train from King’s Cross, and founders can be in Cambridge in 45 minutes to source talent or can be in Paris in two hours to strike a deal.
Who would have guessed that a little more than 20 years ago, this was one of the seediest areas in London?
“In the ’80s, crack and heroin made the area a major narcotics market,” Hussein Kanji, an investor at Hoxton Ventures, said, recalling syringes in tree trunks and gangs patrolling the streets. “In 1982, the local church was occupied by the English Collective of Prostitutes for 12 straight days.” Then, in the early 2000s, a real estate developer had a dream and, well, “now it is the AI hotbed of the United Kingdom,” Kanji said. “What a change.” Around 18 months ago, his portfolio company BioCorteX moved from the neighborhood Holborn to the Jellicoe building in King’s Cross, hoping to be near the action. “Lots going on in London right now,” Nik Sharma, co-founder of BioCorteX, told me. “Lots of hyperscalers moving in.” That includes, reportedly, Jeff Bezos’ AI company Prometheus, which is also said to be in talks to move into the Jellicoe.
There are around 3,600 AI startups in London, which, together, have raised around .1 billion out of the .8 billion raised in the city since late July, according to Dealroom. Since the start of June, AI-related startups have leased more than 1 million square feet of office space in London, according to the real estate firm Knight Frank. With that, prime rents in King’s Cross have risen 18% over the past three years, Chris Dunn, a commercial insight associate at the firm, told me. That percentage represents only the largest leases encompassing at least 10,000 square feet, like the ones OpenAI and Prometheus are signing. The shorter deals go for even more, he said, and now the vacancy rate for conventional office space is just 0.9%. “Demand has outstripped supply,” he continued.
Today, one of the big topics of the area is sovereignty. It was a wake-up call for many when Anthropic shut off access to Mythos and Fable this summer, leaving some in the ecosystem to conclude: “We’d better look after ourselves,” Saul Klein, co-founder of the VC firm Phoenix Court, told me.
Phoenix Court is located in the King’s Cross area and has three portfolio companies in the vicinity, including Olix (which just announced a .3 billion valuation), Early Health and CoMind. Robin Klein, co-founder of the firm, said the shutdown of Fable and Mythos access was a “small but sharp reminder that Europe can’t simply rent its AI capabilities and capacity; it needs to build and hold some of its own.” King’s Cross, he said, is where much of this building is actually happening.
“The bigger question,” he continued, “is whether the U.K. builds the infrastructure, compute, energy, capital, to make this self-reliance durable, rather than just hosting outposts of U.S. labs.”
Image Credits:Phoenix Court
Top founders want to stay
Simon Kohl, founder of Latent Labs, has offices in King’s Cross and San Francisco. The London office, at the moment, is growing faster, and he’s more bullish than ever on the ecosystem, he said. “The mood right now feels less like London trying to catch up and more like London becoming one of the default places to start a serious AI company,” he said. Look around and you are likely to see Wayve testing its autonomous cars. Founded in 2017 by co-founder Alex Kendall, the unicorn is one of London’s biggest success stories.
“Ten years ago, building a frontier AI company from London felt like an unusual choice,” Kendall told me. “Now it feels like an obvious one.” Wayve moved into King’s Cross in 2018 looking for a space that could double as a garage — “a rare combination in Central London,” Kendall said. He has watched the ecosystem mature around him — and it’s now evident that a startup can stay in London, raise serious capital, hire world-class AI talent, and remain globally competitive, he said. Down the street from Anthropic’s new 158,000-square-foot office is the AI agent builder Sierra and the AI video platform Synthesia.
Laura Gonzalez Florez, Synthesia’s chief of staff and head of people, says the company moved into its glossy new office building a year ago to accommodate its growing team. They were drawn to the area for the same reason as everyone else: “It’s very close to the airport … very close to where a lot of investors are,” she said.
Image Credits:Synthesia
Around two-thirds of Synthesia’s engineers are remote, Gonzalez Florez said, letting the company tap into an affordable, international, and diverse talent pool and helping it scale faster. “From London, we can hire and work, without any problem, people from anywhere, from Slovenia to Portugal,” she said.
Unsurprisingly, London’s AI boom is also causing a talent war.U.K. AI job postings have skyrocketed in the past few years, per data from PwC. When Anthropic announced it moved into town earlier this year, it listed, for example, a salary range of £260,000 to £630,000 for a machine learning research engineer when the average salary in London for the same role is around £102,000. Some founders in the U.K., like those in Silicon Valley, are being forced to raise more and bigger rounds to keep up.
“The real test is whether more globally significant AI companies are founded, funded, and scaled from the U.K., while continuing to attract the world’s best talent to build them here,” Zain Ali, founder of the King’s Cross-based AI legal firm Centuro, told me. “If that continues to happen, King’s Cross won’t just be an AI hub. It’ll become one of the U.K.’s most important strategic assets.”
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#Thisformernotorious #redlight #districtis #nowone #worlds #top #hubs #TechCrunchUK This former notorious red-light district is now one of the world’s top AI hubs | TechCrunch
What every U.K. AI startup wants to know these days is, how can I get office space in King’s Cross?
The area is so hot that a VC firm allegedly recently won a deal by promising a founder office space in the neighborhood. “We stop at nothing to win deals [for] and to support” founders, “including helping them source office space when needed,” the firm told me when asked about the rumor, declining to confirm or deny any details.
The neighborhood’s popularity began back in 2016 when DeepMind — then newly acquired by Google — moved in. Soon after, a flood of AI startups followed, wanting to be around the Google DeepMind magic. Today, they hope to take advantage of the cluster of AI talent there.
This has transformed King’s Cross into one of the world’s top AI hubs, rivaled only by San Francisco and Beijing. Around London, it’s known by the sobriquet “Knowledge Quarter,” as it’s home to names like OpenAI, Meta, Isomorphic Labs, Cusp AI, Wayne, Recursive, and, a little farther down the road, Synthesia and Anthropic. The European Technology Network (ETN) just moved into a glossy new office nearby, while University College London sits around the corner.
Mixed in with the new developments are trendy food spots like Hoppers and BAO. Hop a train from King’s Cross, and founders can be in Cambridge in 45 minutes to source talent or can be in Paris in two hours to strike a deal.
Who would have guessed that a little more than 20 years ago, this was one of the seediest areas in London?
“In the ’80s, crack and heroin made the area a major narcotics market,” Hussein Kanji, an investor at Hoxton Ventures, said, recalling syringes in tree trunks and gangs patrolling the streets. “In 1982, the local church was occupied by the English Collective of Prostitutes for 12 straight days.” Then, in the early 2000s, a real estate developer had a dream and, well, “now it is the AI hotbed of the United Kingdom,” Kanji said. “What a change.” Around 18 months ago, his portfolio company BioCorteX moved from the neighborhood Holborn to the Jellicoe building in King’s Cross, hoping to be near the action. “Lots going on in London right now,” Nik Sharma, co-founder of BioCorteX, told me. “Lots of hyperscalers moving in.” That includes, reportedly, Jeff Bezos’ AI company Prometheus, which is also said to be in talks to move into the Jellicoe.
There are around 3,600 AI startups in London, which, together, have raised around .1 billion out of the .8 billion raised in the city since late July, according to Dealroom. Since the start of June, AI-related startups have leased more than 1 million square feet of office space in London, according to the real estate firm Knight Frank. With that, prime rents in King’s Cross have risen 18% over the past three years, Chris Dunn, a commercial insight associate at the firm, told me. That percentage represents only the largest leases encompassing at least 10,000 square feet, like the ones OpenAI and Prometheus are signing. The shorter deals go for even more, he said, and now the vacancy rate for conventional office space is just 0.9%. “Demand has outstripped supply,” he continued.
Today, one of the big topics of the area is sovereignty. It was a wake-up call for many when Anthropic shut off access to Mythos and Fable this summer, leaving some in the ecosystem to conclude: “We’d better look after ourselves,” Saul Klein, co-founder of the VC firm Phoenix Court, told me.
Phoenix Court is located in the King’s Cross area and has three portfolio companies in the vicinity, including Olix (which just announced a .3 billion valuation), Early Health and CoMind. Robin Klein, co-founder of the firm, said the shutdown of Fable and Mythos access was a “small but sharp reminder that Europe can’t simply rent its AI capabilities and capacity; it needs to build and hold some of its own.” King’s Cross, he said, is where much of this building is actually happening.
“The bigger question,” he continued, “is whether the U.K. builds the infrastructure, compute, energy, capital, to make this self-reliance durable, rather than just hosting outposts of U.S. labs.”
Image Credits:Phoenix Court
Top founders want to stay
Simon Kohl, founder of Latent Labs, has offices in King’s Cross and San Francisco. The London office, at the moment, is growing faster, and he’s more bullish than ever on the ecosystem, he said. “The mood right now feels less like London trying to catch up and more like London becoming one of the default places to start a serious AI company,” he said. Look around and you are likely to see Wayve testing its autonomous cars. Founded in 2017 by co-founder Alex Kendall, the unicorn is one of London’s biggest success stories.
“Ten years ago, building a frontier AI company from London felt like an unusual choice,” Kendall told me. “Now it feels like an obvious one.” Wayve moved into King’s Cross in 2018 looking for a space that could double as a garage — “a rare combination in Central London,” Kendall said. He has watched the ecosystem mature around him — and it’s now evident that a startup can stay in London, raise serious capital, hire world-class AI talent, and remain globally competitive, he said. Down the street from Anthropic’s new 158,000-square-foot office is the AI agent builder Sierra and the AI video platform Synthesia.
Laura Gonzalez Florez, Synthesia’s chief of staff and head of people, says the company moved into its glossy new office building a year ago to accommodate its growing team. They were drawn to the area for the same reason as everyone else: “It’s very close to the airport … very close to where a lot of investors are,” she said.
Image Credits:Synthesia
Around two-thirds of Synthesia’s engineers are remote, Gonzalez Florez said, letting the company tap into an affordable, international, and diverse talent pool and helping it scale faster. “From London, we can hire and work, without any problem, people from anywhere, from Slovenia to Portugal,” she said.
Unsurprisingly, London’s AI boom is also causing a talent war.U.K. AI job postings have skyrocketed in the past few years, per data from PwC. When Anthropic announced it moved into town earlier this year, it listed, for example, a salary range of £260,000 to £630,000 for a machine learning research engineer when the average salary in London for the same role is around £102,000. Some founders in the U.K., like those in Silicon Valley, are being forced to raise more and bigger rounds to keep up.
“The real test is whether more globally significant AI companies are founded, funded, and scaled from the U.K., while continuing to attract the world’s best talent to build them here,” Zain Ali, founder of the King’s Cross-based AI legal firm Centuro, told me. “If that continues to happen, King’s Cross won’t just be an AI hub. It’ll become one of the U.K.’s most important strategic assets.”
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#Thisformernotorious #redlight #districtis #nowone #worlds #top #hubs #TechCrunchUK](https://techcrunch.com/wp-content/uploads/2026/08/DM9A2852.jpg?w=680)

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