Cryptocurrency-backed political groups have expanded their campaign spending as several US primaries test the industry’s influence in Congress.
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- Cryptocurrency-backed political action committees have increased spending in the US Congressional primaries as digital asset policy becomes a major election issue.
- Federal Election Commission 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 positions on cryptocurrency policy as Congress reviews major digital asset bills.
According to filings with US Federal Election CommissionFairshake-linked groups backed by Coinbase, Ripple and other cryptocurrency supporters funneled millions of dollars into House and Senate races as voters cast ballots in California, Iowa, Montana, New Jersey, New Mexico and South Dakota.
Cryptopolitical action committees target key primary races
Federal Election Commission filings show that Protect Progress, a subsidiary of Fairshake The political action committee spent about $3 million to support Democratic candidates in House races in California and New Jersey. Another Fairshake company, Defend American Jobs, spent more than $411,000 supporting Republican Sen. Mike Rounds in South Dakota.
Although many states will vote this week, the cryptocurrency industry has also turned attention to Maryland’s June 23 primary. Protect Progress spent more than $3.1 million on media outlets to support Adrian Boafo, the Democratic candidate in Maryland’s 5th Congressional District, Federal Election Commission filings showed.
In New York, the same filings showed spending about $320,000 to support Rep. Ritchie Torres, whose district will also hold a primary election on June 23. Torres has been one of the most visible Democratic voices participating in digital asset policy discussions in Congress.
Fairshake is counting on Texas victories
The latest spending comes after Fairshake and allied political action committees backed candidates who won the Texas primary last week. These races gave the cryptocurrency industry another opportunity to show whether campaign spending can influence congressional contests as digital asset policy has become a divisive issue.
Fairshake reported more than $193 million in funds available as of January, according to campaign finance records cited in the filings. Other groups committed to cryptocurrencies have also entered this 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 said she plans to oppose lawmakers she sees as hostile to cryptocurrency policy. Rep. Al Green became one of his most visible targets after he voted against the GENIUS Act, the stablecoin bill, and… The law of clarityDraft Digital Asset Market Structure Law.
Protect Progress spent $5 million to support Christian Menefee, Greene’s Democratic primary challenger in Texas’ 18th Congressional District. Greene later lost that primary, according to election results cited in the report.
Maryland becomes the next focus
Maryland is now holding another major test for crypto political action committees before the end of June. Protect Progress’ spending on Boafo puts the race among the industry’s most expensive primary efforts this cycle, based on FEC numbers cited in the report.
The spending also shows how cryptocurrency groups operate across party lines. Protect Progress supports Democrats, while Defending American Jobs supports Republicans, according to Federal Election Commission filings.
The campaign activity comes as Congress considers major legislation related to digital assets. After approval by the Senate Agriculture Committee in January and Senate Banking Committee In May, the Digital Asset Market Clarity Act was added to the Senate calendar for potential consideration.
