Crypto-backed political groups have expanded 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 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 filings with the US Federal Election Commission, Fairshake-linked groups 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 target key primary races
The FEC filings showed that Protect Progress, an affiliate of the Fairshake political action committee, spent about $3 million supporting Democratic candidates in House races across California and New Jersey. Another Fairshake affiliate, 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 attention to Maryland’s June 23 primaries. FEC filings showed Protect Progress spent more than $3.1 million on media backing Adrian Boafo, a Democratic candidate in Maryland’s 5th Congressional District.
In New York, the same filings showed about $320,000 in spending to support Representative Ritchie Torres, whose district will also hold a primary on June 23. Torres has been one of the more visible Democratic voices involved in digital asset policy debates in Congress.
Fairshake builds on Texas wins
The latest spending comes after Fairshake and allied PACs supported candidates who won primary contests in Texas last week. Those races gave the crypto industry another chance to show whether campaign spending can affect congressional contests where digital asset policy has become a dividing issue.
Fairshake reported more than $193 million in available funds as of January, according to campaign finance records cited in the filings. Other crypto-aligned groups have also entered the cycle, 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 it plans to oppose lawmakers it views as hostile to crypto policy. Representative Al Green became one of its clearest targets 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, Green’s Democratic primary opponent in Texas’s 18th Congressional District. Green later lost that primary, according to the election results referenced in the report.
Maryland becomes the next focus
Maryland now gives crypto PACs another major test before the end of June. Protect Progress’s spending for Boafo places the race among the industry’s more expensive primary efforts this cycle, based on the FEC figures cited in the report.
The spending also shows how crypto groups are working across party 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.