As voters headed to the polls for Democratic and Republican congressional primaries in California, Iowa, Montana, New Jersey, New Mexico, and South Dakota, attention within the cryptocurrency
As voters headed to the polls for Democratic and Republican congressional primaries in California, Iowa, Montana, New Jersey, New Mexico, and South Dakota, attention within the cryptocurrency sector has shifted toward the upcoming Maryland primaries later this month.
According to records from the U.S. Federal Election Commission, Protect Progress—a political action committee linked to Coinbase and Ripple-backed Fairshake—spent approximately $3 million supporting Democratic candidates in House races in California and New Jersey. Meanwhile, Defend American Jobs, operating under the same umbrella, directed over $411,000 toward supporting Republican Senator Mike Rounds’s re-election bid in South Dakota.
Federal records reveal that crypto-backed political committees are channeling significant resources not just into state-level races but also into pivotal congressional primaries that could shift the balance of power.
Maryland has emerged as the primary focus of this funding effort. Data shows that Protect Progress allocated over $3.1 million for media campaigns supporting Democrat Adrian Boafo in Maryland’s 5th district, where the primary is set for June 23. The committee also spent around $320,000 backing incumbent Ritchie Torres’s re-election in New York’s 15th district, which will also hold primaries that day.
Mini glossary: A Political Action Committee (PAC) is an organization in the U.S. that can receive and spend donations on election campaigns. The Federal Election Commission (FEC) oversees this financing and campaign spending at the federal level.
CommitteeSupported SideRegionAmountProtect ProgressDemocratic candidatesCalifornia and New JerseyApprox. $3 millionDefend American JobsMike RoundsSouth DakotaOver $411,000Protect ProgressAdrian BoafoMaryland 5th districtOver $3.1 millionProtect ProgressRitchie TorresNew York 15th districtApprox. $320,000Today’s California primaries are viewed as an important test for the influence of the cryptocurrency sector on U.S. elections. Last week’s Texas primaries saw victories for both House and Senate candidates supported by Fairshake and other crypto-friendly PACs, drawing considerable notice.
Beyond Fairshake—which reported over $193 million in available funds as of January—other crypto-aligned PACs include Fellowship, backed by finance firm Cantor Fitzgerald and crypto custody company Anchorage Digital, as well as the Blockchain Leadership Fund, financed in part by Chainlink and Anchorage. Fairshake has openly declared its intention to remove congressional members it deems anti-crypto from office.
Fairshake has previously made clear its mission to target individuals in the House and Senate it identifies as opponents of the crypto sector.
Texas Representative Al Green became a focal point in this drive. Green had voted against both the GENIUS Act, which pertained to stablecoin regulation, and the CLARITY bill on digital asset market structure. After Protect Progress spent $5 million supporting his rival, Democrat Christian Menefee, Green lost his primary in Texas’s 18th Congressional District.
Meanwhile, the CLARITY Act, addressing digital asset market structure, has been placed on the legislative calendar in the U.S. Senate. The bill advanced from the Senate Agriculture Committee in January and was approved by the Banking Committee in May. The next steps involve debate and a possible vote by the full Senate.
However, observers note that the two different versions of the bill, which passed out of committee, may need to be merged prior to any Senate vote. The outcome of this process will be key in determining which agencies oversee digital assets and what framework will govern the sector moving forward.
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