Crypto-aligned PAC spends $986,000 in Michigan primary

Federal Election Commission filings show Protect Progress, an affiliate of the Fairshake network, spent about $986,000 on advertising to support Democratic Rep. Shri Thanedar and criticize challenger Donavan McKinney in Michigan’s 13th District primary. The reports were filed Tuesday, roughly two weeks before the Aug. 4 contest.

The expenditures went to media buys that praised Thanedar’s record and targeted McKinney. Protect Progress’ reported 2026 spending mirrors its activity in 2024, when the group spent about $1 million on Thanedar’s race. In 2024 Thanedar won the Democratic primary with 54.9% of the vote and carried the general election with 68.6% of the vote. Fairshake and its affiliates report having roughly $191 million available to influence races.

Thanedar’s record in the House includes votes in favor of the CLARITY Act, the GENIUS Act and the Promoting Innovation in Blockchain Development Act. Federal campaign finance reports show Thanedar invested about $3.7 million of campaign funds in crypto companies; those holdings produced a reported loss of more than $600,000 in the second quarter of 2026.

McKinney did not run against Thanedar in 2024 and has not been widely identified as a crypto advocate. In a campaign statement, McKinney criticized Thanedar’s record and the industry spending, asserting, “Shri has voted for every bill [Donald] Trump and the crypto lobby have brought to Congress,” and adding, “The crypto lobby is paying my opponent back for helping Trump make over $1 billion since taking office.”

Protect Progress has also reported spending outside Michigan. FEC filings show the PAC spent more than $100,000 on media supporting Representative Greg Stanton’s reelection in Arizona’s 4th District; Stanton voted for CLARITY and GENIUS and won his primary with about 65% of the vote. In Washington state, a Fairshake-affiliated group called Defend American Jobs reported more than $65,000 in media spending to back Republican Amanda McKinney for the 4th District, where Representative Dan Newhouse announced in 2025 he would not seek reelection.

Other political groups tied to the cryptocurrency industry include Fellowship, backed by Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, backed by Anchorage and Chainlink Labs. FEC filings provide a public record of these donations and ad buys as primary contests proceed in multiple states.