Two-Term Michigan Representative Shri Thanedar Defeated in Primary Despite Crypto PAC's $2M Investment
Democratic incumbent Shri Thanedar lost his seat in a contentious Midwest primary election that sparked claims of cryptocurrency industry retaliation, ending his two-term tenure in Congress.
In a Democratic primary that triggered allegations of cryptocurrency industry retribution, Michigan State Representative Donavan McKinney emerged victorious over sitting House Representative Shri Thanedar, successfully unseating the incumbent.
As of Wednesday, McKinney secured victory in the Democratic primary for Michigan's 13th Congressional District with 51.9% of votes compared to Thanedar's 48.1%, according to the New York Times. The race witnessed a cryptocurrency-supported political action committee (PAC) investing over $2 million in media expenditures in a bid to secure Thanedar's re-election, a congressman who has consistently supported legislation beneficial to the cryptocurrency sector during his time in office.
Widely regarded as a progressive contender challenging the two-term incumbent Thanedar, McKinney has already garnered endorsements from both the Democratic National Committee and the Democratic Socialists of America following his primary triumph. Throughout the campaign trail, he leveled accusations against the cryptocurrency sector, claiming they were "paying my opponent back for helping Trump make over $1 billion since taking office," a statement seemingly connected to Thanedar's legislative voting patterns.
The super PAC Protect Progress, which financed the advertising campaigns both supporting Thanedar and targeting McKinney, maintains an affiliation with Fairshake, an organization primarily funded by cryptocurrency firms Coinbase and Ripple. Following expenditures exceeding $170 million during the 2024 US election cycle on comparable races featuring pro-cryptocurrency and anti-cryptocurrency contenders, Fairshake along with its associated organizations have allocated additional millions of dollars toward media campaigns for political candidates in this year's primary elections across multiple US states in preparation for the November general election.
Beyond casting affirmative votes for legislation such as the GENIUS Act and CLARITY Act while serving in the House of Representatives, Thanedar also allegedly suffered losses exceeding $600,000 during the second quarter of 2026 following his investment of $3.7 million in campaign funds into cryptocurrency companies.
Washington has spent too long serving billionaires and corporate interests. I will always only serve the people I represent.
McKinney in a Wednesday X post
The November general election will pit McKinney against Republican candidate Taras Nykoriak. Cointelegraph reached out to McKinney's campaign for comment on Wednesday but had not received a response at the time of publication.
PAC-supported candidate wins Washington primary
Beyond Protect Progress' involvement in the Michigan race, Fairshake's affiliated organization Defend American Jobs allocated more than $65,000 toward media spending in support of Republican Amanda McKinney (unrelated to the Michigan candidate) competing in Washington's 4th congressional district. The November general election will feature Amanda McKinney against Democrat John Duresky, with both contenders having obtained over 30% of votes in Tuesday's primary election, thereby qualifying them to advance to the general election contest.