Crypto-backed political groups have increased their campaign spending as several US primaries test the industry’s influence in Congress.
Summary
- Crypto-backed PACs have increased their spending in the US Congressional primaries, as digital asset policy becomes a key election issue.
- FEC filings show Protect Progress spent millions supporting Democratic candidates in California, New Jersey, Maryland and New York.
- Fairshake-linked groups are targeting lawmakers based on their crypto policy positions as Congress considers major digital asset bills.
According to documents filed with the US Federal Election Commission, groups linked to Fairshake, backed by Coinbase, Ripple and other crypto supporters, invested millions of dollars in House and Senate races as voters cast ballots in California, Iowa, Montana, New Jersey, New Mexico and South Dakota.
Crypto PACs target key primary races
FEC filings showed that Protect Progress, an affiliate of the political action committee Fairshake, spent about $3 million supporting Democratic candidates in House races in California and New Jersey. Another Fairshake affiliate, Defend American Jobs, spent more than $411,000 supporting Republican Sen. Mike Rounds in South Dakota.
Although several states are voting this week, the crypto industry has also turned its attention to Maryland’s June 23 primary. FEC filings showed that Protect Progress spent more than $3.1 million to support media outlet Adrian Boafo, the Democratic candidate in Maryland’s 5th Congressional District.
In New York, the same documents showed spending of about $320,000 to support Rep. Ritchie Torres, whose district will also hold a June 23 primary. Torres has been one of the most visible Democratic voices involved in digital asset policy debates in Congress.
Fairshake builds on Texas victories
The latest spending comes after Fairshake and allied PACs backed candidates who won Texas primaries last week. These races gave the crypto industry another chance to show whether campaign spending can affect congressional elections where digital asset policy has become a divisive topic.
Fairshake reported more than $193 million in available funds in January, according to campaign finance records cited in the documents. Other crypto-aligned groups also entered the round, including Fellowship, which received $11 million from Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, funded with $175,000 from Chainlink and Anchorage.
Fairshake said he plans to oppose lawmakers he views as hostile to crypto policy. Rep. Al Green became one of his clearest targets after voting against the GENIUS Act, a stable bill, and the CLARITY Act, a digital asset market structure bill.
Protect Progress spent $5 million to support Christian Menefee, Green’s primary Democratic opponent in Texas’ 18th Congressional District. Green went on to lose that primary, according to election results mentioned in the report.
Maryland becomes next target
Maryland now gives crypto PACs another major test before the end of June. Protect Progress’ spending on Boafo places this race among the industry’s most expensive primary efforts this cycle, based on FEC figures cited in the report.
The spending also shows how crypto groups work across partisan lines. Protect Progress supports Democrats, while Defend American Jobs supports Republicans, according to FEC filings.
The campaign activity comes as Congress considers major legislation on digital assets. After being approved by the Senate Agriculture Committee in January and the Senate Banking Committee in May, the Digital Asset Market Clarity Act was added to the Senate calendar for possible consideration.
