Crypto-backed political parties have increased their election spending as several US primaries test the industry’s influence in Congress.
Summary
- Crypto-backed PACs have increased spending in US congressional primaries as digital asset policy becomes a key election issue.
- FEC filings show that Protect Progress has spent millions supporting Democratic candidates in California, New Jersey, Maryland, and New York.
- Fairshake-affiliated groups are targeting lawmakers based on their crypto policy positions as Congress reviews major digital asset bills.
According to US Federal Election Commission documents, groups affiliated with Fairshake backed by Coinbase, Ripple, and other crypto supporters have directed millions of dollars into House and Senate races as voters cast ballots in California, Iowa, Montana, New Jersey, New Mexico, and South Dakota.
Crypto PACs are targeting key primary races
The FEC filing showed that Protect Progress, an affiliate of the Fairshake political committee, spent about $3 million supporting Democratic candidates in House races across California and New Jersey. Another Fairshake organization, Defend American Jobs, spent more than $411,000 to support Republican Senator Mike Rounds in South Dakota.
Although several states are voting this week, the crypto industry has also turned to the Maryland primaries on June 23. FEC filings showed that Protect Progress spent more than $3.1 million on media in support of Adrian Boafo, the Democratic candidate for Maryland’s 5th district.
In New York, the same filing showed nearly $320,000 in spending to support representative Ritchie Torres, whose district will be up for re-election on June 23. Torres has been one of the most visible voices of the Democratic Alliance involved in digital asset policy debates in Congress.
Fairshake builds on the Texas win
The latest spending comes after Fairshake and allied PACs backed candidates who won the Texas primary last week. Those races gave the crypto industry another chance to show that campaign spending can affect congressional races where digital asset policy has become a divisive issue.
Fairshake has reported more than $193 million in fundraising since January, according to campaign finance records cited in the filings. Other crypto-aligned groups also entered this round, including the 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 who he considers hostile to crypto policy. Representative Al Green has been one of his clearest goals after he voted against the GENIUS Act, a stablecoin bill, and the CLARITY Act, a digital asset market structure bill.
Protect Progress spent $5 million supporting Christian Menefee, the Green Democratic primary challenger in Texas’ 18th district. Green later lost that primary, according to election results cited in the report.
Maryland becomes the next area of focus
Maryland is now giving crypto PACs another big test before the end of June. Boafo’s Protect Progress costs put the race among the industry’s most expensive key initiatives this cycle, based on FEC figures cited in the report.
Usage also shows how crypto groups work across group lines. Protect Progress supports Democrats, while Defend American Jobs supports Republicans, according to the FEC filing.
The campaign’s work comes as Congress weighs major digital property legislation. After approval by the Senate Agriculture Committee in January and the Senate Banking Committee in May, the Digital Assets Clarification Act was added to the Senate calendar for consideration.
