What are crypto PACs and why are they spending millions on US elections?

Crypto PACs are political action committees funded by cryptocurrency companies and industry supporters. Their goal is to back candidates who support digital asset legislation and oppose candidates viewed as hostile to the crypto industry.

How much did crypto-backed PACs spend ahead of the latest US primaries?

Protect Progress, an affiliate of the Fairshake network, spent roughly $3 million supporting Democratic candidates in California and New Jersey. It also committed more than $3.1 million to support a congressional candidate in Maryland ahead of the June 23 primary.

What is Fairshake and why is it important?

Fairshake is one of the largest crypto-focused political organisations in the United States. The PAC reported more than $193 million in available funds as of January, giving it significant influence in congressional races.

Which candidates are receiving support from crypto-backed PACs?

Recent spending has supported Democratic candidate Adrian Boafo in Maryland, Representative Ritchie Torres in New York and Republican Senator Mike Rounds in South Dakota. The PACs have backed candidates from both major political parties.

Why is Maryland attracting so much crypto election spending?

Maryland's June 23 primary has become a key target for the crypto industry, with more than $3.1 million committed to support Adrian Boafo in the state's 5th congressional district. The race is viewed as strategically important for building support for crypto-friendly policies in Congress.

How successful have crypto PACs been in recent elections?

Crypto-backed groups recently supported candidates who won primary races in Texas. One notable example was Christian Menefee, whose campaign benefited from roughly $5 million in support from Protect Progress.

Why did crypto PACs oppose Representative Al Green?

Fairshake and its affiliates criticised Al Green for opposing major crypto legislation, including the GENIUS Act and the CLARITY Act. The organisation has publicly stated that it intends to challenge lawmakers it considers anti-crypto.

What is the CLARITY Act and why does it matter?

The Digital Asset Market Clarity Act is proposed legislation that would establish a regulatory framework for digital assets in the United States. The bill could define how cryptocurrencies are regulated and clarify the responsibilities of federal agencies.

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Crypto PACs spend $3M before Maryland vote

Written by Brie CarterPublished Jun. 3 2026Last Updated Jun. 3 2026

Cryptocurrency-backed political action committees intensified their election spending ahead of US congressional primaries, with more than $3 million directed toward key races as the industry seeks to expand its influence in Washington.

Federal Election Commission filings show Protect Progress, an affiliate of the Coinbase- and Ripple-backed Fairshake PAC, spent roughly $3 million supporting Democratic candidates in House races across California and New Jersey.

Fairshake reported more than $193 million in available funds as of January and has become one of the most influential political organisations advocating for cryptocurrency-friendly policies in the United States.

The group has also committed more than $3.1 million in media spending to support Democratic candidate Adrian Boafo in Maryland’s 5th congressional district ahead of the state’s June 23 primary election.

Protect Progress additionally spent about $320,000 backing the reelection campaign of Representative Ritchie Torres in New York’s 15th district, while Fairshake affiliate Defend American Jobs allocated more than $411,000 to support Republican Senator Mike Rounds in South Dakota.

The spending follows successful crypto-backed campaigns in Texas, where Protect Progress spent $5 million supporting Democrat Christian Menefee, who defeated Representative Al Green after the lawmaker opposed key digital asset legislation.

The political activity comes as the Digital Asset Market Clarity Act advances through the Senate legislative process, with lawmakers expected to consolidate competing versions of the bill before a potential floor vote that could reshape cryptocurrency regulation in the United States.