Crypto PACs Spend $3.1M to Back Maryland Candidate

Federal Election Commission filings show Protect Progress, an affiliate of the Coinbase- and Ripple-backed Fairshake network, paid more than $3.1 million for media supporting Democratic candidate Adrian Boafo in Maryland’s 5th District. Maryland’s primary is scheduled for June 23.

The filings, dated Tuesday, record about $320,000 in media spending for Representative Ritchie Torres’ reelection campaign in New York’s 15th District, which holds a primary the same day. Separate FEC reports show Protect Progress spent roughly $3 million combined on Democratic House candidates in California and New Jersey.

A related Fairshake affiliate, Defend American Jobs, reported more than $411,000 in expenditures to support Republican Senator Mike Rounds’ reelection campaign in South Dakota. FEC records show Protect Progress previously spent about $5 million in Texas’ 18th District primary to support Democrat Christian Menefee, who defeated incumbent Al Green.

Fairshake has disclosed large reserves. The group reported more than $193 million in resources as of January. Other political committees tied to the cryptocurrency industry have reported sizable contributions: the Fellowship PAC recorded about $11 million in support from Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund reported $175,000 from Chainlink and Anchorage Digital.

The activity comes while voters in California, Iowa, Montana, New Jersey, New Mexico and South Dakota cast primary ballots today. Maryland’s primary is later this month. FEC filings show most of the crypto-aligned spending in these cycles has been directed to paid media buys and targeted race support ahead of key primaries.

Legislative developments are unfolding in Washington at the same time. The Digital Asset Market Clarity Act, known as CLARITY, has been placed on the U.S. Senate calendar after versions advanced out of the Agriculture Committee in January and the Banking Committee in May. Committee differences will need to be reconciled before a potential floor vote. Representative Al Green voted against the GENIUS Act and related digital asset measures; his primary loss in Texas followed significant outside spending by Protect Progress.

Campaign finance records in multiple states indicate concentrated advertising and outreach spending by crypto-aligned committees during the 2024 primary season. Voters and analysts will be able to track further filings as additional reporting deadlines pass and more races reach their primary dates.