Cryptocurrency Industry-Supported Contenders Secure Primary Election Victories Across Three States
Fairshake PAC alongside its partner organizations invested $8 million collectively in advertising campaigns backing political candidates across Maryland, New York and Utah, despite facing criticism targeting so-called 'crypto billionaires.'
Multiple Democrats alongside a single Republican, each benefiting from advertising campaigns worth over $8 million financed through cryptocurrency-focused political action committees (PACs), secured victories in their respective US primary races on Tuesday, advancing their campaigns toward the November general election.
Primary elections for candidates seeking positions in the US House of Representatives and Senate across Utah, Maryland and New York produced victories for numerous contenders aligned with cryptocurrency sector priorities. Organizations such as Fairshake alongside its partner entities, predominantly financed by digital currency firms Coinbase and Ripple Labs, invested a total of $8 million in advertising efforts supporting candidates they deemed favorable toward digital asset legislation for the upcoming congressional term.
Within New York state, Democrat Ritchie Torres secured victory in the primary contest for the 15th congressional district by capturing 71.9% of votes cast, whereas in Utah, Republican Blake Moore prevailed in the 2nd district race with 57.5% of the vote. The Fairshake-affiliated organization Protect Progress documented $5.5 million in expenditures backing Adrian Boafo, who emerged victorious in Maryland's 5th district Democratic primary with 32% support against rival candidates who rejected "spending from crypto billionaires."
"We went big and we went early. We did our part to move Adrian Boafo from fifth place to the halls of Congress."
Geoff Vetter, Fairshake spokesperson
Fairshake, which documented possessing "$150 million cash on hand" during June following its financial outlays across multiple US state primary contests, appears to have already shaped voter sentiment in critical elections through its efforts to elect congressional candidates it regards as "pro-crypto." Additional PACs aligned with cryptocurrency sector interests that have documented expenditures on 2026 political candidates include Fellowship, supported by Cantor Fitzgerald and Anchorage Digital, along with the Blockchain Leadership Fund, a hybrid PAC receiving backing from Anchorage and Chainlink Labs.
However, not all candidates favorable to cryptocurrency emerged victorious on Tuesday evening. Alex Bores, a Democrat contesting New York's 12th District seat, suffered defeat against Micah Lasher. Lasher criticized Bores during a June debate, asserting that he potentially gained advantage from Ripple Labs co-founder Chris Larsen contributing $3.5 million toward supporting his campaign efforts.
Upcoming primaries scheduled for Colorado and Arizona, though no expenditure reports filed yet
Numerous observers anticipate Fairshake alongside other cryptocurrency-aligned PACs will shift their focus toward candidates competing in Colorado and Arizona in the coming weeks. These two states have scheduled their primary elections for June 30 and July 21, respectively, however Fairshake partner organizations had not revealed substantial spending in any of these contests as of Wednesday.
During 2024, the PAC together with its affiliated organizations invested more than $10 million in advertising supporting Ruben Gallego's Senate campaign in Arizona and $2.1 million backing Democratic Representative Yadira Caraveo in Colorado's 8th district race. Gallego successfully won his contest, whereas Caraveo experienced defeat in the November 2024 election against Republican Gabe Evans.