Fairshake loses US$2M Detroit primary

• Crypto super PAC Fairshake spent more than US$2 million backing Representative Shri Thanedar, who lost his Detroit Democratic primary.
• Fairshake-backed candidates won five other Michigan and Washington primaries held on the same day.
• CoinDesk reported the industry could still add more crypto-supporting lawmakers after November’s midterm elections.

Fairshake spent more than US$2 million supporting Representative Shri Thanedar, who lost his Detroit Democratic primary to Donavan McKinney.

Thanedar co-sponsored the Digital Asset Market Clarity Act and had supported other crypto legislation in the House.

McKinney’s position on crypto remains unclear, while Senator Bernie Sanders endorsed his campaign.

Fairshake-backed candidates won five other primaries in Michigan and Washington, including four incumbent lawmakers.

CoinDesk reported that most candidates supported by Fairshake and its affiliates have won their primary races this election cycle.

Fairshake previously spent more than US$10 million unsuccessfully opposing Juliana Stratton in an Illinois Senate primary.

The crypto industry is seeking congressional support for legislation covering market structure and crypto tax rules.