Ripple Co-Founder-Funded PAC Helps Democrat Win Colorado Primary

Manny Rutinel won the Democratic primary for Colorado’s 8th congressional district with 61.7% of the vote, defeating state representative Shannon Bird, who received 33.6%. The You Can Push Back Super PAC backed Rutinel during the contest.

Campaign filings show the PAC was seeded with roughly $3.5 million from Ripple co-founder Chris Larsen. About $1 million of that funding was used on paid media to promote Rutinel’s campaign, according to the filings. A spokesperson for the PAC did not respond to requests for comment.

Rutinel is now the Democratic nominee for the November general election in the new 8th district, a seat created after redistricting.

Stand With Crypto, an advocacy group affiliated with Coinbase, rated Rutinel as “strongly supports crypto” based on his answers to questions about stablecoins, market structure and regulatory clarity. Coinbase is listed as a significant contributor to Fairshake PAC, a group that backs candidates it views as favorable to the cryptocurrency industry.

Public Citizen reported that the cryptocurrency industry has spent about $189 million so far on contributions aimed at influencing the 2026 U.S. elections, largely through political action committees. Filings show groups aligned with the industry were active in the 2024 cycle and continue to file expenditures ahead of 2026.

A poll commissioned by Americans for Financial Reform found a majority of Americans across party lines are concerned about the influence of the crypto industry on U.S. lawmakers. Mark Hays, associate director of crypto and fintech at Americans for Financial Reform, wrote: “Voters have seen serious crypto corruption and high ranking government officials raking in profits while everyday people experience crypto-fueled losses and scams.”

White House Deputy Press Secretary Anna Kelly issued a statement that neither former President Donald Trump nor his family “has ever engaged — or will ever engage — in conflicts of interest.”