Cryptocurrency-backed political groups have expanded their election spending as several US primaries test the industry’s influence in Congress.
Summary
- Cryptocurrency-backed PACs have increased spending in 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 reviews major digital asset bills.
According to presentations before the US Federal Election CommissionFairshake-linked groups backed by Coinbase, Ripple and other cryptocurrency supporters have poured 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 Target Key Primary Races
FEC filings showed that Protect Progress, an affiliate of the fair shake The political action committee spent about $3 million supporting Democratic candidates in House elections 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 will vote this week, the crypto industry has also turned its attention to the June 23 Maryland primary. FEC filings showed Protect Progress spent more than $3.1 million on media supporting Adrian Boafo, a Democratic candidate in Maryland’s 5th Congressional District.
In New York, the same documents showed about $320,000 in spending to support Rep. Ritchie Torres, whose district will also hold a primary on June 23. Torres has been one of the most visible Democratic voices involved in digital asset policy debates in Congress.
Fairshake builds on Texas wins
The latest spending comes after Fairshake and its allied PACs endorsed candidates who won the Texas primary last week. Those races gave the crypto industry another chance to demonstrate whether campaign spending can affect congressional races where digital asset policy has become a divisive issue.
Fairshake reported more than $193 million in available funds as of January, according to campaign finance records cited in the documents. Other cryptocurrency-aligned groups have also entered the loop, 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 has said he plans to oppose lawmakers he sees as hostile to crypto policy. Rep. Al Green became one of their clearest targets after voting against the GENIUS Act, a stablecoin bill, and the CLARITY Lawa bill on the structure of the digital asset market.
Protect Progress spent $5 million supporting Christian Menefee, Green’s Democratic primary opponent in Texas’ 18th Congressional District. Green later lost that primary, according to the election results referenced in the report.
Maryland becomes the next focus
Maryland now offers crypto PACs another major test before the end of June. Protect Progress’s spending for Boafo places the race among the industry’s most expensive primary efforts this cycle, according to FEC figures cited in the report.
The spending also shows how crypto groups are working across partisan lines. Protect Progress backs Democrats, while Defend American Jobs backs Republicans, according to FEC filings.
The campaign activity comes as Congress weighs major digital asset legislation. After approval 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.
