Crypto PACs spend $3.5M as candidates win US primaries

Crypto industry-backed political action committees spent about $3.5 million on media to support candidates in recent primary elections, and several of the preferred contenders won races in California, New Jersey and South Dakota. The combined figure refers to media buys by Protect Progress and Defend American Jobs in the recent contests.

The two PACs are affiliated with Fairshake, a political committee funded largely by cryptocurrency firms including Coinbase and Ripple Labs. Fairshake reported holding about $193 million in available funds in January, according to public disclosures.

Winners who benefited from the ads in California included Jacqui Irwin, Ted Lieu, Zoe Lofgren, Dave Min, Mike McGuire, Hilda Solis, George Whitesides, Lou Correa and Lateefah Simon in House primaries. In New Jersey, Rob Menendez prevailed in the 8th Congressional District primary. In South Dakota, Republican Mike Rounds won the Senate primary.

A Fairshake spokesperson, Geoff Vetter, issued a statement: “America needs members of Congress who will act to lay out responsible guardrails for the community to maintain our global leadership.” The statement characterized the group’s support as aimed at candidates who favor clearer rules for digital assets.

The recent spending follows similar media buys in Texas runoff elections the prior week, where pro-industry ads supported several successful candidates, including Democrat Christian Menefee in a primary against incumbent Representative Al Green and four Republican winners in smaller House districts. Many of the candidates supported by the crypto-affiliated groups have previously backed legislation or public positions favorable to digital-asset development, including measures tied to the GENIUS Act.

Federal Election Commission filings show Protect Progress had spent more than $3.1 million to support Democrat Adrian Boafo in Maryland’s 5th Congressional District primary, scheduled for June 23. The filings and recent activity indicate the PACs are concentrating media buys on specific races ahead of the 2026 midterm cycle.

Separately, a new industry-backed hybrid PAC called Defend Developers announced plans to support incumbent lawmakers who advocate protections for software developers working on decentralized technologies. The group listed a board that includes leaders from the DeFi Education Fund, Orca Creative, the Solana Policy Institute and Uniswap Labs. Founder Gavin Zavatone said developers have faced “regulatory uncertainty and enforcement actions instead of clear rules and guidelines.” The FEC had no record of funding or expenditures for Defend Developers at the time of its formation; Nick Stoltzfus was listed as treasurer and custodian of records.

Public filings and the PACs’ statements show Fairshake and its affiliates have increased political spending this year as lawmakers and regulators work on rules for cryptocurrencies and related technologies. The groups have indicated they will continue to focus on races where candidates’ positions on crypto policy could influence future legislation and enforcement.